Country's largest real estate company DLF Ltd is looking to raise up to Rs 2,500 crore by selling its stake in luxury hospitality chain Amanresorts and the deal is likely to be closed by December-end.
According to sources, the company has received offers from few potential buyers and the same is being evaluated.
DLF Ltd had acquired controlling stake in Amanresorts for $400 million in 2007. It has now 100% stake in the hospitality chain that has nearly 25 resorts across the world.
As part of its strategy to sell non-core assets to reduce debt of over Rs 21,000 crore, the company had decided to sell stake in Amanresorts.
DLF Ltd expects to conclude the deal by the end of this quarter and is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore, excluding the Aman resort in Delhi, which it wants to retain with itself, sources said.
The DLF raised Rs 165 crore from sale of non-core assets in the first quarter of this financial year. It aims to raise Rs 10,000 crore from this process and so far, has realised Rs 3,235 crore from divestment.
Keywords: Amanresorts stake | DLF Debt reduce | Hospitality chain
According to sources, the company has received offers from few potential buyers and the same is being evaluated.
DLF Ltd had acquired controlling stake in Amanresorts for $400 million in 2007. It has now 100% stake in the hospitality chain that has nearly 25 resorts across the world.
As part of its strategy to sell non-core assets to reduce debt of over Rs 21,000 crore, the company had decided to sell stake in Amanresorts.
DLF Ltd expects to conclude the deal by the end of this quarter and is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore, excluding the Aman resort in Delhi, which it wants to retain with itself, sources said.
The DLF raised Rs 165 crore from sale of non-core assets in the first quarter of this financial year. It aims to raise Rs 10,000 crore from this process and so far, has realised Rs 3,235 crore from divestment.
Keywords: Amanresorts stake | DLF Debt reduce | Hospitality chain
