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| DLF to cut its Rs 14,000 cr debt by half |
| Press Trust of India / New Delhi Jun 26, 2009, 20:00 IST |
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Realty giant DLF today said it will reduce its huge debt of Rs 14,000 crore to half by the end of this fiscal by raising funds through sales of non-core assets/businesses, and internal accruals.
"Our debt will be half by the end of this fiscal. Currently, it is Rs 14,000 crore," DLF Group Executive Director Rajiv Talwar told reporters here on the sidelines of a TERI event on green infrastructure.
Asked how the company plans to reduce its debt, Talwar said the funds would be raised through internal accruals, and sales of assets and non-core businesses like wind power.
"We will do away with those non-core assets and businesses which have a gestation period of 7-10 years," he said.
Talwar noted that the market for the residential sector is firming. "Last year, we sold 8,000 flats. In this fiscal, we have already sold 4,000, of which 1,400 alone were in Delhi," he said.
On fund raising, Talwar said: "No more raising of funds this year." The DLF promoters have recently raised about Rs 4,000 crore by selling nearly 10 per cent of their stake in the company.
Asked about the hospitality venture, Talwar said the company has over 40 hotel plots and it is currently developing 21 hotels.
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