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Real estate major DLF Ltd has announced the sale of its wind energy projects in Tamil Nadu and Rajasthan to two separate entities for Rs 240.9 crore.
The sale is a part of its ongoing strategy to exit non-core business to pare debts.
DLF’s DLF Home Developers Ltd has signed an agreement with Tulip Renewable Powertech to sell the 34.5 megawatt (MW) Tamil Nadu project along with related assets, liabilities and long-term loans for Rs 188.7 crore.
While the 33-MW Rajasthan windmill will be sold to Violet Green Power for Rs 52.2 crore, the company said in a filing to the BSE.
Earlier, DLF had sold 150 MW windmill in Gujarat to Bharat Light and Power for Rs 282.30 crore.
Now, the company is left with only Karnataka’s windmill having a capacity of 11 MW.
“The transactions are in line with the DLF’s objective of divesting its non-core assets,” the company said. In August last year, DLF had sold 17 acres in Mumbai to Lodha Developers for Rs 2,727 crore.
In December last year, it announced sale of Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore, while in January this year, it sold Gujarat windmill project for Rs 282 crore.
DLF has been selling its non-core businesses in the last couple of years to focus on core real estate business and cut its huge debt, which stood at Rs 21,220 crore at the end of December quarter of 2012-13 fiscal.
The company had earlier said that it plans to reduce debt by around Rs 5,000 crore by March.
On Thursday, DLF’s shareholders approved the sale of fresh equity shares to meet market regulator SEBI’s norms of 25 per cent minimum public shareholding in a listed company.
DLF shares fell 0.98 per cent to close at Rs 232.95 on the BSE.
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