DLF sells Gujarat wind turbine project for Rs 282 cr

Realty giant DLF on Thursday said it has sold the 150MW wind turbine project in Gujarat to Bharat Light and Power for Rs 282.30 crore (Rs 2.82 billion) as part of its strategy to exit from non-core businesses.

DLF has wind power plants in four states with total installed capacity of 227 MW.

This is the third major deal by the country's largest realty firm in last six months. In August last year, DLF had sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore (Rs 27.27 billion). In December 2012, it announced sale of Aman resorts back to founder Adrian Zecha for about Rs 1,650 crore (Rs 16.5 billion).

In a filing to the BSE, DLF said the company has entered into a definitive agreement with Bharat Light and Power for sale of 150 MW wind turbines at Kutch in Gujarat.

"The company has entered into definitive business transfer agreement with BLP Vayu (Project 1), a subsidiary of Bharat Light & Power, for transferring of its undertaking comprising of 150MW capacity wind turbines situated at Kutch, Gujarat on ‘as is where is basis’ by way of slump-sale for a lump sum consideration of Rs 282.30 crore," DLF said.

DLF said it has 227 MW capacity wind turbine projects in 4 states engaged in generation and sale of electricity. Besides Gujarat, it has wind turbine projects in Rajasthan (34MW), Tamil Nadu (33MW) and Karnataka (11MW), which sources said would be sold in the next phases.

DLF said that the shareholders had approved the sale in July, 2012.

"The transaction is in line with the DLF's objective of divesting its non core assets," DLF said, adding that the deal would be completed on receipt of requisite regulatory approvals.