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DLF might sell wind energy biz ahead of Aman

Source : BUSINESS_STANDARD
Last Updated: Fri, Dec 07, 2012 21:02 hrs

pDLF the country&rsquos largest realty development company on Friday said the sale of its wind energy business was closer to finalisation than the more-reported one on Aman ResortsppIn any case it expects both transactions to be closed by the end of this financial year and aims to realise between Rs 2500 and 3000 crore with thesepp&ldquoAman Resorts is a complex deal It will take time It looks like wind energy will be concluded faster than Aman Resorts&rdquo Rajeev Talwar executive director said on the sidelines of a real estate symposium on Friday He said active negotiations on both were onppThe company got investors&rsquo approval in July to sell the wind business This is expected to fetch the company between Rs 800 crore and Rs 1000 crore DLF has an installed capacity of 2287 Mw owning wind energy farms in Gujarat Rajasthan Tamil Nadu and KarnatakappThe company&rsquos net debt was Rs 23220 crore as on September 30 It has said this fell to Rs 21220 crore after a realisation of Rs 2727 crore from its National Textile Corporation mill land sale in Mumbai to the Lodha Group Talwar said the company would meet its target of reducing the debt to Rs 18000 crore by March 2013ppHe denied the Aman sale was getting delayed because of the companys decision not to sell the Aman Hotel at Lodhi Road in this city "Global investors are more interested in the Aman properties located outside India&rdquo he said adding the &ldquoAman resort at Lodhi Road is located in the heart of Delhi which has a huge valuation for a real estate player Thus we would not like to offload it&rdquo Aman has about 25 properties in 12 countries The company&rsquos plan on launching a new project is to materialise in the fourth quarter of the financial year There is a plan to launch 85 million sq ft by March 2013 &ldquoDecember has just three weeks to go but we will launch projects till March&rdquo said TalwarppThe company has not launched any major project so far this financial year It has also said it would launch three to four projects in Gurgaon by March which should generate about Rs 15000 crore in sales over the next three to four yearsp


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