DLF to sell wind power assets in TN, Rajasthan

DLF to sell wind power assets in TN, RajasthanIndia's biggest property developer, DLF has entered into an agreement to sell its assets in the wind power generation industry assets in Tamil Nadu and Rajasthan.

The company said that it has signed a definitive agreement to sell its wind power assets in the two states for around Rs 241 crore. DLF has been selling major assets to strengthen its financial position and consolidate its position in the core infrastructure sector.

DLF said that its wholly-owned subsidiary DLF Home Developers Ltd ( DHDL) entered into an agreement with Tulip Renewable Powertech to sell its wind mill assets with 34.5 MW capacity in Tamil Nadu. The company will also transfer related assets and liabilities and relevant long term loans to Tulip Renewable as par to of the deal. Tulip Renewable will pay a lump sum amount of Rs 188.7 crore for the assets.

In Rajasthan, it signed definitive business transfer agreement with Violet Green Power for selling Rajasthan wind mill undertaking of 33 MW capacity for a consideration of Rs 52.2 crore as par tof its strategy to monetize non-core assets.

The company had sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore in August and Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore. The company also sold a wind project located in the state of Gujarat to Bharat Light and Power as part of the company’s strategy to exit non-core business segments.

Meanwhile, DLF has said that it is aiming to reduce tis total debt by half in the coming three years with the help of measures like fresh issue of equity shares, sale of non-core assets and higher cash flows. The company has indicated that it is planning to reduce its debt from the current Rs. 21,350 crore to Rs. 10000-11000 crore over a period of next three years.