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DLF plans to cut debt by Rs 1,000 crore a month
Date: 15-07-2009DLF Ltd, the country's largest real estate developer is looking to reduce its debt by Rs 600-1,000 crore each month in this fiscal by utilizing funds raised by selling non-core assets, land plots, and the cash flow from operations. It also added that it has replaced its entire short-term loans with long-term debt, with lower interest rates and repayment liabilities in the next 5-7 years.
The company had net debt of Rs 13,958 crore at the start of 2009-10, of which Rs 3,591 crore was to be cleared this fiscal. However, the developer has been able to reduce the debt to Rs 12,000 crore, according to its latest statement.
The New Delhi-based developer is also expecting to raise Rs 1,900 crore by December by selling hotel and other land plots. It has over 40 hotel plots and development is taking place in 19 of its hotel projects. DLF is looking to raise Rs 900 crore by selling its non-core businesses like wind power. DLF would also be exiting the