DLF Ltd, the largest real estate developer in
India, said it will cut debt by nearly a quarter to Rs. 15,500 crore over the
next 9 months, mainly on the back of receipts from the sale of its luxury hotel
chain Aman Resorts & some land divestitures.
Delhi-based DLF Ltd had in December last year
(2013) announced the sale of Aman Resorts to its original founder, Indonesian
hotelier Mr. Adrian Zecha, for Rs. 1,650 crore.
The transaction, part of the DLF's non-core asset
sale strategy, was supposed to close in February this year (2013). The due date
was extended to June 30, 2013. But, the buyer was still unable to close the
deal.
Ending the exclusivity clause with Zecha, DLF Ltd
opened talks with other players.
Mr. Saurabh Chawla, Executive Director - Finance,
DLF Ltd, "As we speak, there are 5 to 6 new bidders apart from Zecha. We
are confident of closure of the transaction in a short time at targeted
valuations"
The real estate developer had on recently
reported a 38 % drop in first quarter net profit to Rs. 181 crore.
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