DLF in talks to sell luxury hospitality business Aman resorts for $350 million

24 Aug 2012

Realty firm DLF is in talks to sell luxury hospitality business Aman resorts for around $350 million, translating to about Rs 1,900 crore. Further, the deal, which is expected to be finalized by mid or end of September, is much in line with the company’s plans of meeting its FY13 target of Rs 5000 crore non asset sale. DLF aims to prune debt by Rs 5,000 crore this fiscal by selling three major non-core businesses -- Mumbai land, Aman resorts and wind energy.

The company, back in 2007, acquired a controlling stake in Aman resorts for $400 million. However, the company has put Amanresorts on block for sale except its property at Lodhi Road in the national capital.

DLF, in a move to pare debts, recently sold its 17.5 acre plot at Lower Parel in Mumbai to Lodha Developers for a luring amount of Rs 2,750 crore. The deal included the land cost of Rs 1,200 crore and liabilities worth Rs 1,500 crore incurred by the real estate giant since it purchased the plot in 2005.

DLF, on the consolidated basis, has reported a fall of 18.30% in its net profit at Rs 292.79 crore for the quarter ended June 30, 2012, as compared to Rs 358.36 crore for the same quarter in the previous year. Total income of the company has decreased by 7.00% to Rs 2328.85 crore for the quarter under review as compared to Rs 2503.23 crore for the quarter ended June 30, 2011.

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