DLF, country's largest realty player is envisaging cutting down its debt burden of over Rs 22,500 crore to less than half in the next two years. The company is finalizing some deals to sell non-core assets, including Amanresorts to bring down its debt.
Sales at current comfortable rates and good cash flows will be of additional help to the realty player in trimming down its debt. In the quarter ended September 30 company’s net debt rose by nearly Rs 1,000 crore to Rs 22,519 crore from Rs 21,524 crore as on June 30, 2011, due to delay in receipt of payments from non-core asset sales.
Through the sale of non-core assets such as IT Park in Noida, IT SEZ at Pune and hospitality business Amanresorts, DLF aims to raise about Rs 3,000 crore by March 2012. It had raised Rs 3,480 crore from sale of non-core assets so far.