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DLF to raise Rs 2,500 cr from Amanresorts stake sale

12 Oct 2011

India's largest realty firm DLF is looking to raise up to Rs 2,500 crore by selling its stake in luxury hospitality chain Amanresorts and the deal is likely to be closed by December-end. The company has received offers from few potential buyers and the same is being evaluated. DLF had acquired controlling stake in Amanresorts for $400 million in 2007. It has now 100% stake in the hospitality chain that has about 25 resorts across the world. As part of its strategy to sell non-core assets to reduce debt of over Rs 21,000 crore, the company had decided to sell stake in Amanresorts. DLF expects to conclude the deal by the end of this quarter and is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore, excluding the Aman resort in Delhi, which it wants to retain with itself. The real estate developer raised Rs 165 crore from sale of non-core assets in the first quarter of this financial year. It aims to raise Rs 10,000 crore from this process and so far, has realised Rs 3,235 crore from divestment.

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