DLF sells 33 MW wind mills in Rajasthan for Rs 67 cr

Country's largest realty firm DLF today said it has completed the sale process of 33MW wind turbines project in Rajasthan to Violet Green Power for Rs 67.44 crore.

In early April, DLF announced that its arm DLF Home Developers Ltd (DHDL) had signed a definitive business transfer agreement with Violet Power Green Pvt Ltd to sell the 33MW wind turbines at Rajasthan for Rs 52.20 crore.

Yesterday, DHDL transferred the Rajasthan's wind turbines for a higher consideration of Rs 67.44 crore.

In a filing to the BSE, DLF said that DHDL has transferred the wind turbines at Rajasthan "including related assets and liabilities along with relevant long term loans on 'as is where is basis' by way of slump-sale upon receipt of a lump sum consideration of Rs 67.44 crores".

It added: "The transaction is a part of DLF's objective of divesting its non core assets."

DLF has been selling non-core businesses and assets since last 3 years to focus on the core real estate business and cut its huge debt that stood at Rs 20,369 crore as on June 30, 2013.

It has sold wind energy assets, insurance business and non-strategic land parcels including many hotel plots and raised about Rs 10,000 crore through this process.

DLF had wind turbine projects in Gujarat, Rajasthan, Karnataka and Tamil Nadu with a total capacity of 227 MW.

The company has sold the wind turbine projects in all the four states separately, of which two deals have been closed. In July, DLF had completed the Rs 325-crore deal to sell 150 MW wind turbine project in Gujarat to Bharat Light and Power.

The company had sold the 34.5 MW wind mill project in Tamil Nadu to Tulip Renewable Powertech for Rs 188.7 crore, while 11.2 MW wind turbines in Karnataka has been divested for Rs 29.52 crore to a Delhi-based private firm Goyal MG Gases.