DLF divests to cut debt; will sell Aman Hotel
15 Nov 2012
DLF, India's largest real estate company, said on Wednesday that it plans to offload Aman Hotel, identified among the group's non-core assets, in the next few weeks.
''We are closing the deal in the next few weeks. We hope we would be able to announce it in the current quarter,'' chief financial officer Ashok Tyagi said in an analyst call on Wednesday, adding that DLF expects to close the deal by January 2013.
DLF also announced that it has reduced its net debt by Rs2,000 crore during the ongoing quarter to Rs21,220 crore on the back of sale of prime National Textile Corporation (NTC) land in Mumbai to Lodha Developers.
Its current net debt stands at Rs21,220 crore as against Rs23,220 crore as on 30 September, the company said.
On getting rid of its wind energy business, Tyagi said, ''We have all regulatory approvals required to sell our wind assets. It should be carried out in two to three months.''
Tyagi said DLF was confident of cutting its debt to Rs18,500 crore by the end of this financial year and to Rs15,000 crore by 2014-15. ''We have maintained Rs13,000-14,000 crore is a comfortable level of debt for us,'' he said, adding, ''We will carry out disinvestment worth Rs5,000 crore this financial year.''
