DLF to complete wind business sale by Mar 2013 - report

Nov 5, 2012 - Indian real estate developer DLF Ltd (BOM:532868) expects to complete the sale of its wind energy business and its luxury hotel chain Amanresorts by March 2013, raising around INR 25 billion (USD 466m/EUR 361m), the Press Trust of India (PTI) reported on Sunday, citing a company official.

DLF Group chief financial officer Ashok Tyagi said that the company was in advanced talks on the disposals and that an announcement was expected in a few weeks' time. Tyagi also said that negotiations were being held with more than one party on both deals, without identifying the potential buyers.

DLF got shareholder approval in July to dispose of its power business, which includes a 150-MW wind farm in the state of Gujarat and a 11.2-MW facility in the state of Karnataka.

The company will use the proceeds from the sales to cut debt. It has been offloading non-core assets in recent years to reduce its indebtedness and to focus on real estate, the PTI said. DLF completed the sale of a 17-acre (6.9-hectare) land in Mumbai last week.

(INR 100 = USD 1.863/EUR 1.444)

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