DLF to raise up to Rs 3,000 cr by this fiscal-end

Realty major DLF today said it will raise up to Rs 3,000 crore (Rs 30 billion) by end of this fiscal from sale of its 2 non-core business assets - luxury hotel chain Amanresorts and wind energy business.

The company xalso said it will launch three-four projects in Gurgaon by March 2013, which would generate about Rs 15,000 crore (Rs 150 billion) sales realisation over the next three-four years.

"Amanresorts is a complex deal. It will take time. It looks like that wind energy will be concluded faster than Amanresorts," DLF Group Executive Director Rajeev Talwar told reporters when asked about the progress with regard to divestment of its non-core assets.

The company is engaged in active negotiations in both the deals and expects to close the transactions by end of this fiscal, he added.

Asked about how much amount DLF expects to raise from these two deals, Talwar said that it will be between Rs 2,500 crore and Rs 3,000 crore (Rs 25 billion and Rs 30 billion).

DLF, the country's largest real estate developer, had put on block for sale of three big-ticket non-core assets, which included prime 17

acre land in Mumbai, Amanresorts and wind energy business.

It has recently sold the Mumbai plot to Lodha Developers for about Rs 2,700 crore (Rs 27 billion).

Talwar ruled out that the Amanresort deal is getting delayed because of company's decision not to sell Aman Hotel at Lodhi road in the national capital.

"Global Investors are more interested in Aman properties, which are located outside India. It makes sense to hold Delhi's Aman hotel because of value of land," he added.

Amanresorts has about 25 properties across the world.

On whether the company would be able to meet its debt reduction target of Rs 18,000 crore (Rs 180 billion) by March 2013, Talwar said "certainly".

On new projects, Talwar said company would launch three projects in Gurgaon, which would give DLF a sales realisation of about Rs 15,000 crore (Rs 150 billion) over the next three-four years.