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