DLF, the real estate giant is likely to finalize at least two big-ticket deals for sale of non-core assets this quarter and expects that the company will achieve the target of raising Rs 7,000 crore in the next 2-3 years through divestment. The size of the two likely deals will be around Rs 1,500 crore. The company plans to close two deals within this quarter and some will flow in October.
The company decided to sell two IT Parks in Noida and Pune, which are in joint ventures, to third party as JV partners failed to buy out each other. DLF has about 70% stake in both these IT Parks. The proceeds from sale of non-core assets, being described as those lands where the company does not intends to launch projects in next 2-3 years, would go towards reducing debt that stood at Rs 21,524 crore as on June 30, 2011.
The company had identified more non-core assets for sale, where it is open for joint venture, foreign investment as well as total sell-out. The company has adequate pipeline for future monetization of certain projects and expects to achieve the divestment target of Rs 6,000-7,000 crore in the next 2-3 years.
| Company Name | CMP |
|---|---|
| Lodha Developers | 871.70 |
| Dilip Buildcon | 457.55 |
| DLF | 601.80 |
| Oberoi Realty | 1710.00 |
| Ahluwalia Contract(I | 832.90 |
| View more.. | |
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