DLF sells 150 MW Gujarat wind turbine project for Rs282.30 crore

Realty giant DLF today said it had sold the 150 MW wind turbine project in Gujarat to Bharat Light and Power Pvt Ltd for Rs282.30 crore as part of its strategy to exit from non-core businesses.

DLF's total installed wind power capacity stands at 227 MW distributed across four states.

The move comes as the third major deal by the country's largest realty firm in the last six months. DLF had sold a 17-acre plot in August last year, in Mumbai to Lodha Developers for Rs2,727 crore and in December 2012, it announced sale of Aman resorts back to founder Adrian Zecha for about Rs1,650 crore.

DLF said in a filing with the BSE, that it had entered into a definitive agreement with Bharat Light and Power for sale of 150 MW wind turbines at Kutch in Gujarat.

"The company has entered into definitive business transfer agreement with BLP Vayu (Project 1), a subsidiary of Bharat Light & Power, for transferring of its undertaking comprising of 150 MW capacity wind turbines situated at Kutch, Gujarat on as is where is basis by way of slump-sale for a lump sum consideration of Rs282.30 crore," DLF said.

Apart from Gujarat, the company has wind turbine projects in Rajasthan (34MW), Tamil Nadu (33MW) and Karnataka (11MW), which, according to sources said would be sold in the next phases.