DLF gets Rs. 93 crore from IDFC by the sale of Noida IT park
The largest Real estate firm of the country, DLF says that they received Rs 93.5 crore from IDFC for acquiring IT park project in Noida. In November 2011, the IDFC has purchased 100 percent shares of Galaxy Mercantile. The Galaxy Mercantile is the joint venture of DLF subsidiary DLF Home Developers and realtor, the 3C Company. The DLF Home developers have 71 percent share in this joint venture and acquired an IT park in Noida consisting of 1.3 million sq ft of region. In December 2011, the joint venture firm got Rs 200 crore from IDFC as the first installment.
The DLF says that they get Rs 93.5 crore in the form of the last installment on the sale of the remaining share of Galaxy Mercantile Ltd.
The report also says that in November 2011, IDFC signed the contract to acquire 100 percent shares in the joint venture company which owns the IT park located in the sector 62, Noida.
The company has collected Rs 10,000 crore over the last few years by the sale of non-core properties that consists of lands, IT parks, hotel business and wind energy venture. In last month the DLF had sold its luxury hospitality chain Aman resorts to its original developer Adrian Zecha for $358 million.
The Aman resorts deal combined with Rs. 676 crore refunds from the settlement of dispute with the Delhi Development Authority (DDA) on the Dwarka Convention Centre project helped to minimize its debt by Rs. 2,500 crore to Rs. 17,400 crore. The DLF has a total developing potential of 312 million square feet and out of that 60 million square feet of projects area was under development at the end of this December.
The company sales increase by 46 percent to Rs. 3,760 crore during the period of April-December without getting affected by the slowdown in the market.
Source: NDTV Profit
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