DLF gets shareholders' nod to sell wind power unit
DLF said shareholders have approved the proposal to sell its wind energy unit.
July 23, 2012 / 08:13 IST
DLF said shareholders have approved the proposal to sell its wind energy unit.
Shareholders have approved the proposal to sell DLF's entire wind power unit through a postal ballot, the company said in a BSE filing. Of the 144.59 crore votes polled, 99.98% were in favour of the resolution, it said.On June 18, the company had sought shareholders' approval for the purpose through a postal ballot.The sale of wind power unit will strengthen its core business (real estate), it had added.According to sources, the company is expected to mop up Rs 1,000 crore through sale of its wind power unit.The company has wind-turbine generator based powers with installed capacities of 150 MW and 11.2 MW located at Kutch (Gujarat) and Gadag (Karnataka), respectively.It also has an arrangement to sell power generated from the said plants with utilities including Gujarat Urja Vikas Nigam Ltd and Hubli Electricity Supply Company Ltd.The company has recently sold its entire stake in its subsidiary Adone Hotels and Hospitality to a Kolkata-based consortium Avani Projects and Square Four Housing & Infrastructure for Rs 567 crore.The realty giant is channelising efforts to reduce its mounting debt burden, which stood at Rs 22,725 crore as on March 31, 2012. It managed to reduce debt by a meager Rs 33 crore in January-March quarter, 2012.DLF raised about Rs 1,774 crore last fiscal through sale of its non-core assets, including plots and IT parks.The overall target of divestment of non-core assets of Rs 10,000 crore would be achieved in the medium term, it had said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
