DLF likely to sell convention centre project, wind power business

19 Jan 2012 Evaluate

DLF, the country's largest realty player is likely to sell convention centre project in Delhi and its wind power business for about 1,800 crore early next fiscal. The company had started negotiations with investors for selling its wind power business.

To reduce its debts pile, the company has sought to raise as much as $650 million by selling non-core assets, which include land, special economic zones, hospitality business and some office buildings. It has a net debt of Rs 22,519 crore at the end of September.

The company is likely to ink pact with a Japanese company that executes mega mall projects for the convention centre at Dwarka, in west Delhi, which is expected to fetch DLF about Rs 800 crore.  It had earlier acquired a 35-acre plot from the Delhi Development Authority (DDA) in 2007 for Rs 901 crore to ready a convention centre ahead of the 2010 Commonwealth Games. But the project, which was to include three hotels, commercial complexes and meeting areas, could not take off.

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