DLF to sell hotel plots, wind power business
15 Jul 2009
DLF Ltd, India's biggest real estate player, plans to raise Rs1,900 crore through sale of hotel plots and its wind power business by the end of the financial year. Aiming to raise Rs5,500 crore, DLF has put up 21 of its 40 hotel plots for sale.
The company had reportedly accumulated a total debt of over Rs14,000 crore by 31 March, and it is repaying Rs600-1,000 crore every month with the aim of reducing the debt to half by the fiscal-end.
The company said sale of the land parcels has already fetched it Rs1,000 crore and it expects another Rs1,000 crore in the coming months.
The company said that discussions for selling their wind power business are also on track and they should be able to get Rs900 crore through the sale.