Realty firm DLF has cut its net debt by over Rs 2,500 crore to Rs 17,400 crore following proceeds from sale of luxury hotel chain Aman resorts and a refund from Delhi Development Authority (DDA). Company’s net debt had risen to Rs 19,926 crore at the end of December quarter from Rs 1,9508 crore as on September 30,2013.
In January 2014, DLF sold Aman resorts for $ 358 million and also settled the dispute with the Delhi Development Authority (DDA) on the Dwarka Convention Centre project with refund of Rs 676 crore.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 314 msf of planned projects with 52 msf of projects under construction.