DLF to sell two non-core assets for 1.8k cr

19 Jan 2012

DLF will sell a convention centre project in Delhi and its wind power business for about Rs 1,800 crore early next fiscal year. The developer, which had a debt of over Rs 22,000 crore at the end of September, is hoping to raise Rs 3,000 crore in the current fiscal year and about Rs 3,500 crore in 2012-13 by selling its non-core businesses. DLF is close to finalising a joint venture agreement for the convention centre at Dwarka, in west Delhi, with a Japanese company that executes mega-mall projects. The convention centre is expected to fetch DLF about Rs 800 crore. DLF had 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. Later, when the company wanted to exit the project and sought a refund from the DDA, the development body refused after seeking legal advice.

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