DLF sells wind turbine projects for R240.9 crore to two firms

Written by feBureau | New Delhi | Updated: Apr 6 2013, 08:03am hrs
After a slew of asset divestment, real estate company DLF on Friday announced the sale of its wind turbine projects in Tamil Nadu and Rajasthan for R240.9 crore. The two projects are separate entities and are sold to two separate players. The wind power project divestment is the latest of the deals entered by DLF in the last eight months in order to reduce its debt burden and its decision to exit non-core businesses.

DLF has sold the 34.5 MW wind mill project in Tamil Nadu to Tulip Renewable Powertech for R188.7 crore and the second the 33 MW wind mill project in Rajasthan has been sold to Violet Green Power for R52.2 crore. DLF, has already sold 150MW wind mill in Gujarat to Bharat Light and Power for R282.30 crore. DLF is now is left with only one wind mill project in Karnataka with a capacity of 11MW.

A definite agreement has been entered between the companys wholly owned subsidiary DLF Home Developers and Tulip Renewable Powertech DLF said in a filing to the BSE.

Accordingly, Tamil Nadus wind mill project of 34.5 MW capacity, including related assets and liabilities and relevant long term loans, has been transferred to Tulip for R188.7 crore.

Similarly, DLF Home Developers has entered into another agreement with Violet Green Power for sale of Rajasthan wind mill undertaking of 33 MW capacity for consideration of R52.2 crore.

The transactions are in line with the DLFs objective of divesting its non core assets, the company said. The companys share price closed down 0.98% at R232.95 on BSE.

In the recent past the company had sold a 17-acre land in Mumbai to Lodha Developers for R2,727 crore. In December 2012, it announced sale of Amanresorts back to founder Adrian Zecha for about R1,650 crore, while in late January this year, it sold Gujarat wind mill project for R282 crore.

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, which stood at R21,350 crore at the end of December quarter of 2012-13 fiscal.

The company on Thursday night also approved the sale of fresh equity shares to meet market regulator Sebis norms of 25% minimum public shareholding in a listed company. Earlier, sources had said that DLF is likely to offer over 8 crore fresh equity shares, worth over R2,000 crore at current market price, for dilution of promoters stake to below 75% from the current 78.58 %.