Wednesday, December 12, 2012

DealCurry.com : DLF To Sell Stake In Wind Power Business To ...

K P Singh led - DLF is likely to sell a substantial part of its wind energy to Bharat Light & Power for about R700 Cr. The deal is likely to close in next two weeks, according to FE.

DLF is selling its wind power business as a part of its strategy to sell non-core assets to cut its debt. In July, the company?s investors had approved selling DLF?s wind energy business.

Recently, DLF completed the sell of Mumbai National Textile land to Lodha Developers for around R2727 Cr.

DLF's wind power assets include power plants with installed capacities of 150 MW in Kutch, Gujarat and 11.2 MW at Gadag, Karnataka.

The company also has PPA with Gujarat Urja Vikas Nigam and Hubli Electricity Supply. The company has an additional installed capacity of around 70 MW spread over plants in Tamil Nadu and Rajasthan in another company DLF Homes.

In the first phase DLF is selling its wind mills in Gujarat and Karnataka and later it will target its wind power assets at Tamil Nadu and Rajasthan.

The Company is targeting to raise up to R3,000 Cr by March 2013 from sale of both Aman resorts and wind energy businesses. DLF is also planning to sell hotel - Hilton Garden Inn of New Delhi.

According to recent CLSA report, DLF has to improve its cash flows along with the non-core asset sale to prevent the debt level from rising.

Recently, Bharat Forge Limited raised around $300 Mn by offloading stake in its wind energy business Kenersys.

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Source: http://www.dealcurry.com/20121211-DLF-To-Sell-Stake-In-Wind-Power-Business-To-Bharat-Light.htm

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