Mumbai: Cash-stripped Deccan Chronicle Holdings Ltd. (DHCL) is all set to sell their Indian Premier League franchisee Deccan Chargers to a Mumbai based real estate firm Kamla Landmarc.

The value at which the team was brought however was not disclosed.

DHCL which was under huge debts earlier had attracted bid of Rs 900 cr bid from PVP ventures, but they decided against as they felt the price was too low and also the payment terms were unacceptable to them.

DHCL in their announcement at the Bombay Stock Exchange said that, "Pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/ dispose off the Deccan Chargers Franchise business undertaking(s)/ business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited."

By Indian Sports News Network