DLF re-opens sale process of Aman Resorts

Written by feBureau | Mumbai | Updated: Aug 14 2013, 10:39am hrs
DLF has re-opened the sale process of its hospitality business Aman Resorts by removing the exclusivity clause on the transaction entered last year with the latter's founder Adrian Zecha, due to his inability to close the transaction by June end, this year.

The company is now negotiating with 5-6 bidders and investors for a fresh deal while Zecha continues to have the opportunity to close the transaction, the management told analysts in a conference call on Tuesday.

India's largest real estate developer by market capitalisation, DLF in December 2012 had announced the sale of its entire stake in Silverlink Resorts, back to its founder Adrian Zecha. The sale done through management buy-out route was pegged at around $300 million, however, the transaction was to complete by February 2013 subject to closing conditions.