DLF sells Aman Resorts to Adrian Zecha for $300 million

DLF sells Aman Resorts to Adrian Zecha for $300 million Indian reality giant DLF has finally managed to sell its luxury hotel chain Aman Resorts back to its Indonesia-based founder Adrian Zecha for $300 million (around Rs 1,600 crore).

DLF, India's biggest realtor, will use proceeds from the sale to further slash its heavy debt pile. As on September 30, the realtor was burdened with a net debt of Rs 23,220 crore, which dropped to Rs 21,220 crore after realization of Rs 2,727 crore from the sale of NTC Mill land to the Lodha group.

DLF Senior Executive Director Sriram Khattar said that 90-95 per cent of the proceeds from the Aman Resorts deal would be used to cut debt. The company aims to cut the debt pile to Rs 18,000 crore by the end of current fiscal - March 31.

Khattar also said that the realtor was selling its non-core businesses in order to focus more on its core business. He also announced that the company would announce some big launches in the coming months.

Speaking on the topic, he said, "The Company's focus will be on core business and a few significant launches coming up in the next four-five months."

The transaction requires regulatory approval and is expected to be completed by mid of February.

Zecha had founded Aman Resorts in 1988, and sold it to DLF in 2007 for an enterprise value of $250 million.