DLF may raise Rs 2,500 cr from Amanresorts, wind energy biz sale
Expects closure of these two deals by March 2013
Realty major DLF expects to raise about Rs 2,500 crore by end of this fiscal from sale of its two non-core businesses, luxury hospitality chain Amanresorts and wind energy business, a top company official has said.
The sale proceeds would be utilised to bring down the net debt that stood at Rs 22,680 crore as on June 30, 2012, he said.
"Of the three big-ticket non-core assets, we have already sold the Mumbai land. We are in advance stage of discussion for sale of Amanresorts and wind energy business. But announcement is few weeks away. We expect closure of these two deals by March 2013," DLF Group CFO Ashok Tyagi told PTI.
He said the company is in talks with more than one company in both the transactions, but declined to identify them.
Asked how much fund the company is expecting from these two deals, he said, "Around Rs 2,500 crore".
On debt, Tyagi said, "After these two deals that we expect to get done by March next year, net debt will come down to around Rs 18,000 crore level".
Last week, DLF received Rs 2,727 crore in full from Lodha Developers against the sale of 17-acre land in Mumbai.
In August, DLF had announced sale of this land parcel, which it had purchased in 2005 for Rs 703 crore. DLF had then got Rs 500 crore as advance and Lodha paid the balance amount last week to complete the acquisition.
The country's largest real estate developer has been selling its non-core assets such as hotel plots and IT Parks/SEZs since last couple of years to reduce its debt and also keep focus on real estate business.
Till June this year, DLF had raised Rs 5,213 crore from sale of non-core assets. With closure of Mumbai land deal, the proceeds from divestment of such assets has reached nearly Rs 8,000 crore.
Now, the company is negotiating with potential buyers to sell Amanresorts and wind energy venture. It has decided not to sell the Aman hotel located at Lodhi Road in the national capital. Amanresorts has about 25 properties across the world.
Tyagi said the company would not sell DT Cinema as it complements the retail portfolio.