DLF to sell its non-core businesses
Realty giant DLF is all set to sell at least two out of the three non-core businesses as it plans to cut its Rs 23,000 crore debt to about Rs 17,000 crore in the current fiscal.
DLF Group Executive Director Rajeev Talwar revealed that the group is all set to sell its luxury hospitality chain Amanresorts, wind energy and a huge land holding in Mumbai and it expects to raise Rs 6,500 crore from sale of non-core assets this fiscal, of which Rs 5,000 crore would be utilized to repay debt and the rest will be used for capital expenditure.
It is not entirely a new move by DLF as in the last couple of years DLF has raised Rs 4,844 crore from sale of non-core assets, which included hotel plots and IT Park/SEZs.
As per their area of operation is concerned, the group maintains that their focus will always remain NCR. However, they are developing projects in other parts of the country as well, such as in cities like Kochi, Chennai, Chandigarh, Indore, Lucknow, Bangalore, Hyderabad and Kolkata.
Talwar also said the company would continue to focus on high-margin products such as luxury housing and plots development.
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Source: Moneycontrol.com
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