DLF likely to go for stake sale of wind business to Bharat Light for Rs 700 cr
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Realty firm the K P Singh-led DLF is likely to sell a substantial part of its wind energy business to Bharat Light & Power for about Rs 700 crore.
Country's largest real estate developer DLF may close the deal in the next two weeks.
According to sources in the know of the development, DLF is in advanced stages of negotiations with Tejpreet Chopra's Bharat Light & Power to sell its wind mills in Gujarat and Karnataka.
"The deal will be finalised in next two weeks for about Rs 700 crore," a source said.
Bharat Light & Power may go for a consortium to buy a part of wind businesses from DLF, sources said.
DLF has wind-turbine generator based powers with installed capacities of 150 MW and 11.2 MW located at Kutch (Gujarat) and Gadag (Karnataka), respectively.
DLF is, however, not selling its wind mills in Tamil Nadu and Rajasthan to Bharat Light & Power.
"For wind turbines in Tamil Nadu and Rajasthan, the company is expecting to garner another Rs 200-300 crore from different buyer," another source said.
Earlier in the day, DLF Group Executive Director Rajeev Talwar said that the company expects to close wind energy transaction faster than its luxury hotel chain Amanresorts.
DLF is targeting to raise up to Rs 3,000 crore by March 2013 from sale of both Amanresorts and wind energy businesses, he said on the sidelines of Naredco convention here.
Talwar said the fund raised from this asset sale will be utilised to cut its over Rs 20,000 crore debt.