DLF sells TN, Rajasthan wind assets for Rs 240 cr

Real estate major DLF Ltd has entered into agreements to sell its wind mill assets in Tamil Nadu and Rajasthan for 188.7 crore and Rs 52.2 crore, respectively, the New Delhi-based company said in a notice to the BSE.

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, the notice said.

“The transactions are in line with the DLF’s objective of divesting its non core assets,” the notice said.

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.

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[caption id=“attachment_687191” align=“alignleft” width=“380”] DLF may pledge Gujarat assets soon. Reuters[/caption]

According to an earlier PTI report, DLF has reduced its net debt by Rs 1,870 crore to Rs 21,350 crore during October-December with the help of proceeds of the sale of its major non-core assets of prime Mumbai land and hospitality chain Amanresorts.

Meanwhile, the final closure of Amanresorts sale to founder Adrian Zecha has been delayed by five months. DLF is expected to get the full $300 million payment in three tranches by end June, which will be used to pare debt, according to CNBC-TV18.

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In an analyst presentation, the company gave a guidance that it will further reduce its net debt to Rs 19,000 crore, the report said.

In August last year, DLF sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore. In December, 2012, it announced sale of Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore.

In Oct-Dec, DLF had said that it will sell part of its wind turbine business in Gujarat to Bharat Light & Power for Rs 282.30 crore.

The company’s consolidated profit during the third quarter of the current financial year had risen 10.23 percent on-year rise to Rs 284.80 crore.

Income from operations, however, declined to Rs 1,310.04 crore from Rs 2,034.37 crore in the same period of 2011-12.