DLF to repay its debt by selling wind energy business
New-Delhi- DLF, one of India’s largest real estate firms, has decided to sell away its wind energy business to settle its debt.
DLF will be selling away its wind energy business for a sum of Rs. 900 crore to an un-named company which was started by the previous general Electric India Boss.
As per officials, the wind energy divestment has been finalized with Bharat Light and Power (BLP) but there are few regulatory issues which need to be looked prior to the announcement of the transaction.
However, other sources stated that DLF has decided to sell away its windmills in Gujarat, Karnataka,Tamil Nadu and Rajasthan based on a two-phased slump sale (a realty term for a transaction wherein an entire business is transferred for a lump-sum amount without assigning values to specific assets).
As per the plan, DLF had first decided to sell the windmills which can generate about 200 megawatts of power. They are also waiting to get a nod from state government to transfer power purchase agreements.
Secondly, they plan to sell away the assets which can create about 28 MW of power. The companies however need permission to transfer PPA before selling away the power generating assets.
This sale of the windmills will be the second such disposals by DLF. Since decades, DLF has been trying to repay its piling debts which were taken to acquire lands, construct hotels and develop the realty market all over the country. Similarly, last week DLF declared the sale of its luxury hotel chain Aman resorts followed by the sale of a hotel firm last year.
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Bharat Light and Power (BLP), Delhi NCR, DLF, DLF debt, India's largest real estate firms, Luxury hotel chain Aman resorts, New Delhi, wind energy divestment
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