In a bid to exit from the non-core assets and reduce its debt, the country’s largest realty player, DLF has sold 32 acre of land located at Hyderabad for about Rs 650 crore to Suvarnabhoomi Developers. The company has inked an agreement with Hyderabad based local builder Suvarnabhoomi Developers to sell this plot.
Since 2010, the company has been divesting its non-core assets such as hotel plots, IT parks and SEZs and has managed to raise about Rs 8,000 crore till December last year.
The country’s largest realty firm is targeting to bring down the net debt to Rs 10,000-11,000 crore from Rs 21,350 crore within the next three years with the help of proceeds from the issue of shares and sale of non-core assets.
