DLF to raise up to Rs 3,000cr by this fiscal-end

Realty major DLF on Friday said it will raise up to Rs 3,000 crore by end of this fiscal from sale of its two non-core business assets - luxury hotel chain Aman Resorts and its wind-energy business.

The company also said it will launch three-to-four projects in Gurgaon by March 2013, which would generate a sales realisation of about Rs 15,000-crore over the next three-to-four years.

"Aman Resorts is a complex deal. It will take time. It looks like that wind-energy will be concluded faster than Aman Resorts," DLF group executive director Rajeev Talwar said when asked about the progress with regard to divestment of its non-core assets.

"The company is engaged in active negotiations in both the deals and expects to close the transactions by end of this fiscal," he added. Asked about how much amount DLF expects to raise from these two deals, Talwar said that it will be between Rs 2,500 crore and Rs 3,000 crore.

DLF, the country's largest real-estate developer, had put on block for sale of three big-ticket non-core assets, which included a prime 17-acre plot in Mumbai, Aman Resorts and its wind-energy business.

It has recently sold the Mumbai plot to Lodha Developers for about Rs 2,700 crore. Talwar ruled out that the Aman Resort deal is getting delayed because of company's decision not to sell Aman Hotel in the national capital. "Global investors are more interested in Aman Properties, which is located outside India. It makes sense to hold Delhi's Aman Hotel because of value of land," he added.

Aman Resorts has about 25 properties across the world. On whether the company would be able to meet its debt-reduction target of Rs 18,000 crore by March 2013, Talwar said "certainly".

On new projects, Talwar said company would launch three projects in Gurgaon, which would give DLF a sales realisation of about Rs 15,000 crore over the next three-four years.