DLF Ltd, India's
largest real estate developer by market value, sold two non-core assets worth Rs. 147 crore ($ 24
million), the company said on recently,
as part of its effort to pare debt.
DLF Ltd divested a
majority stake in a subsidiary for Rs.
79.80 crore and completed the sale of its wind turbines in the western state of
Rajasthan for Rs. 67.4 crore rupees, the company said in statement.
Like most developers,
profits of New Delhi-based DLF Ltd have been hit by high interest rates &
slowing home sales in Asia's third-largest economy which is growing at its
slowest pace in a decade.
Founded by
billionaire Mr. K.P. Singh, DLF Ltd has been struggling to sell non-core assets
to pare its debt of Rs. 20,400 at end-June, 2013 which it expects to reduce to
Rs. 17,500 crore by March 31, 2013.
DLF Ltd in July
agreed to sell its stake in a life insurance joint venture, but is yet to
divest other non-core assets, including its luxury hotel chain Amanresorts.
No comments:
Post a Comment