Real estate firm DLF on track to reduce its debt
DLF, India’s biggest property developer, is closer to meeting its debt reduction target after it agreed to sell its plot of land in Mumbai for Rs 27 billion ($488 million) to Lodha Developers.
The Delhi-based developer said it had received an advance payment of Rs 5 billion for the plot from Lodha and would receive the remaining Rs 22 billion by October.
DLF aims to reduce its borrowings of Rs 227 billion ($4.1 billion) by Rs 50 billion by the end of March 2013 and the land deal with Lodha signals a start to the debt reduction track.
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