World Real Estate

DLF sold 17 acres of prime land in Mumbai

NEW DELHI: Country’s largest realty firm DLF is in advance stage of discussion to sell luxury hospitality business Amanresorts for around $350 million (about Rs 1,900 crore) and the deal may be finalised next month.
Recently, DLF sold 17 acres of prime land in Mumbai toLodha Developers for Rs 2,700 crore — almost four times higher than the price it had paid in 2005 — as part of the company’s strategy to exit from non-core business and cut debt that stood at Rs 22,680 crore as on June 30.
DLF had acquired a controlling stake in Amanresorts for $ 400 million in 2007. It has now 100 per cent stake in the hospitality chain that has about 25 resorts across the world.
The company has put Amanresorts on block for sale except its property at Lodhi Road in the national capital.
According to sources, the negotiations are in advanced stage and the deal could be closed next month. The size of the deal is likely to be in the range of around $350 million, they added.
When contacted, DLF spokesperson Sanjey Roy said: “We do not comment on market speculations”.
DLF aims to cut debt by Rs 5,000 crore this fiscal by selling three major non-core businesses — Mumbai land, Amanresorts and wind energy.
The divestment proceeds of Mumbai land from Lodha is expected to come into DLF’s account by October. So far, DLF has got Rs 500 crore as advance from Lodha.
DLF has raised nearly Rs 8,000 crore from sale of non-core-assets (hotel plots and IT SEZs/Parks) in the last couple of years and the figure includes the recent land deal with Lodha Developers of Rs 2,700 crore.
The share price of the company today settled at Rs 214.15 on the BSE, down by 0.30 per cent from previous closing.

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