Sale of wind assets in line with company strategy: DLF

Real estate majorDLF has sold its wind assets in Tamil Nadu and Rajasthan for Rs 240 crore, the proceed of which will be used to pare debt of the company.
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Apr 05, 2013, 04.23 PM | Source: CNBC-TV18

Sale of wind assets in line with company strategy: DLF

Real estate majorDLF has sold its wind assets in Tamil Nadu and Rajasthan for Rs 240 crore, the proceed of which will be used to pare debt of the company.

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Sale of wind assets in line with company strategy: DLF

Real estate majorDLF has sold its wind assets in Tamil Nadu and Rajasthan for Rs 240 crore, the proceed of which will be used to pare debt of the company.

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Real estate major DLF has sold its wind assets in Tamil Nadu and Rajasthan for Rs 240 crore, the proceed of which will be used to pare debt of the company.

The 34.5 MW Tamil Nadu wind will be sold to Tulip Renewable Powertech Private Ltd and the 33 MW Rajasthan capacity to Violet Green Power Private Limited,  said the company in a filing to the exchanges.

The transactions are in line with the DLF's objective of divesting its non core assets.

In an interview with CNBC-TV18, Ramesh Sanka, CFO, DLF said that company has one more such asset in Karnataka for which it will close the deal soon.

In January this year, the firm sold its 150 megawatt wind power assets in Kutch to Bharat Light and Power for USD 52.8 million. The company had a total 227 MW capacity across four states of which a major chunk has already been sold out.

DLF, which builds homes and offices mainly in its key market of northern India, had late last year said that it is keen to sell non-core assets to reduce its Rs 23200 crore debt.

The company has been trying to pare its debt which has piled up in the past ten years after it acquired large tracts of land to build hotels and apartments.

Till now, DLF has sold Aman Hotel chains for USD 300 million, and also got Rs 2700 crore by selling Mumbai land parcel to Lodha Developers. It will soon sell of its entire wind energy business which will further help it reduce debt.

The company has brought down its debt by over Rs 1800 crore in the December quarter.

DLF was quoting at Rs 240.25, up 2.13 percent at 10 am

Read this:  Sensex sluggish; sugar rallies on decontrol, DLF up 1.5%

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