DLF to raise Rs 600 cr in asset sales soon
Real estate giant DLF Limited is likely to raise Rs 600 crore through sale of its non-core assets by the end of this month, a source close to the development told Hindustan Times.india Updated: Jul 06, 2009 00:11 IST
Real estate giant DLF Limited is likely to raise Rs 600 crore through sale of its non-core assets by the end of this month, a source close to the development told Hindustan Times.
The company is in talks with potential buyers to sell off some of its projects across Goa, Mumbai and Gurgaon.
DLF has two hotel plots each in both Goa and Gurgaon and it owns a 75 per cent stake in a commercial project in Mumbai’s Andheri area being developed by Ackruti Developers. The company is looking forward to selling its stake in the Mumbai project spread over a million square feet and a deal is likely to be announced soon. DLF officials could not be reached for a comment.
In June, DLF raised around Rs 1,000 crore by selling some of its hotel and commercial plots across Delhi, Mumbai and Baroda. DLF plans to raise up to Rs 5,500 crore through asset sales by the end of March 21, 2010. The company has a long-term debt of Rs 14,000 crore and plans to halve it by the end of the year.