The company aims to raise Rs 6,500 crore from sale of its non-core businesses this fiscal ending March 2013. The money is expected to be used for capital expenditure as also to service a debt of close to Rs 23,000 crore that the company has accumulated.
“Apart from the Mumbai land, we have plans to sell some other property across India too, as we want to exit non-core businesses,” a DLF spokesman said here.
He, however, declined to reveal details of other properties that the real estate major has identified for sale. The company had earlier announced its plans to sell stake in ultra-luxury hotel group Aman Resorts and exit from the hospitality business.
Aman has 23 hotels across 12 countries patronised by the super-rich. This portfolio includes the Aman Lodhi, a 68-room hotel that was opened in 2009. DLF bought its 97 per cent stake in Aman in 2007 for $400 million. It is hoping to raise Rs 2,000 crore from the sale. Aman’s founder Adrian Zecha owns the remaining 3 per cent stake. Besides, the company is also planning to sell its wind energy business, which could generate close to Rs 1,000 crore.
Wind power business
DLF has wind turbine generator-based power with installed capacities of 150 MW at Kucth in Gujarat and 11.2 MW at Gadag in Karnataka. DLF had raised about Rs 1,774 crore in the last fiscal through divestments of non-core assets which also included IT parks. It has so far generated Rs 4,844 crore through divestment.
The Mumbai land deal, which is likely to raise close to Rs 3,000 crore, is expected to be finalised by September-end. Earlier, reports said that DLF is in advanced stages of negotiation with Lodha Developers to sell the land, but a company official declined that any such deal had ever been struck.
Source: www.deccanherald.com
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