K P Singh's DLF Ltd in stake sale of wind power business to Bharat Light

Jan 31 2013, 20:42 IST
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K P Singh's DLF Ltd said on Thursday it would sell part of its wind power assets with a capacity of 150 megawatts. (Reuters) K P Singh's DLF Ltd said on Thursday it would sell part of its wind power assets with a capacity of 150 megawatts. (Reuters)
SummaryDLF signed an agreement with BLP for the transfer of the assets.

of its wind businesses to Bharat Light & Power, DLF will complete the process to sell its major non-core assets.

DLF has been selling its non-core businesses since last couple of years to focus on core real estate business and cut its huge debt. It had put on sale three big-ticket non-core assets -- Mumbai plot, Amanresorts and wind-energy.

In August last year, DLF had sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore. In December, it announced sale of Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore.

The deal will help the National Capital-based developer to reduce its borrowings from the current Rs 21,200 crore. It is targeting to bring down its debt to Rs 18,500 crore level by the end of this fiscal.

Till September-end of this fiscal, DLF had raised Rs 5,773 crore from sale of non-core assets such as hotel plots and IT Parks/SEzs.

DLF shares today closed 1.87 per cent up at Rs 277.80 apiece on BSE.

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K P Singh's DLF Ltd in stake sale of wind power assets to Bharat Light

K P Singh's DLF Ltd said on Thursday it would sell part of its wind power assets with a capacity of 150 megawatts to Bharat Light and Power Pvt Ltd for 2.82 billion rupees ($52.8 million) as part of its plans to reduce debt.

DLF signed an agreement with BLP for the transfer of the assets, located in Kutch in the western Indian state of Gujarat, the statement said.

DLF has a total of 227 MW capacity wind turbines across four Indian states, it said.

DLF, which builds homes and offices mainly in its key market of northern India, said in November last year that it intended to sell non-core assets to reduce its 232 billion rupees ($4.2 billion) worth of debt.

($1 = 53.3950 Indian rupees)

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