DLF has been selling non-core land parcel and businesses for the last three-four years to focus on its core real estate business as well as to improve its cash flows and reduce debt.
The net debt had increased to Rs 19,926 crore at the end of December quarter, from Rs 1,9508 crore as on September 30.
The company had acquired a 35-acre plot by paying Rs 901 crore in 2007 to develop a convention centre but the project got into a legal tussle with the Delhi Development Authority when DLF proposed to acquire a foreign partner for the same.
The deal excludes the iconic Lodhi Hotel in Delhi which will remain a part of DLF. The move will help the real estate company trim its net debt and exit from non-core businesses.
Saurabh Chawla, Executive Director of DLF informed the sale however, would not involve their flagship New Delhi hotel. He also clarified that the money incurred from the deal would be largely utilised to trim its debts.
Realty major DLF said it has signed an agreement to sell luxury hotel chain Amanresorts to the hospitality property's founder and Chairman Adrian Zecha for about USD 300 million (over Rs 1,600 crore).
Realty major DLF expects to raise about Rs 2,500 crore by end of this fiscal from sale of its two non-core businesses, luxury hospitality chain Amanresorts and wind energy, a top company official has said.
DLF, India's biggest property company, plans to sell a majority stake in its life insurance joint venture to HCL Group for about Rs 500 crore, the Business Standard reported on Tuesday.
The race to acquire luxury-hotel chain Amanresorts International is heating up. Realty major DLF has called for binding bids for Amanresorts next week, reports CNBC-TV18 quoting reports.