DLF sells assets worth Rs147crore to reduce debt

09 Oct 2013

Realty giant DLF yesterday said that it has sold two non-core assets worth Rs147crore ($24 million in order to reduce debt.

DLF divested a majority stake in a subsidiary for Rs79.8 crore and completed the sale of its wind turbines in the western state of Rajasthan for Rs67.4 crore.

The move comes eight months after DLF, India's largest commercial real estate developer, sold its 150 MW wind turbine project in Gujarat to Bharat Light and Power Pvt Ltd for Rs282.30 crore. (See: DLF sells 150 MW Gujarat wind turbine project for Rs282.30 crore)

It also agreed in July to sell its 74-per cent stake in its Life Insurance Joint Venture – DLF Pramerica Life Insurance Company Ltd, a joint venture with Prudential International Insurance Holdings Ltd, to Dewan Housing Finance Corp.

DLF which builds homes and offices mostly in northern India, said in November 2012 that it planned to sell non-core assets to reduce its debt of Rs23,200 crore.

It has since sold non-core assets and bought down its debt to Rs20,400 crore at end-June, and expects to reduce it to Rs17,500 crore by 31 2014.

In August, it sold DLF 17 acres of prime land in Mumbai to Lodha Developers for about Rs2,700 crore, and has been looking for a buyer for its luxury hotel chain Amanresorts International Pte.