DLF sells non-core assets worth Rs 147 cr to pare debt

Mumbai: DLF Ltd , India's largest real estate developer by market value, sold two non-core assets worth Rs 147 crore the company said on Tuesday, as part of its effort to pare debt.

DLF divested a majority stake in a subsidiary for 798 million rupees and completed the sale of its wind turbines in Rajasthan for Rs. 67.40 crores, the company said in two separate statements.

[caption id="attachment_1160667" align="alignleft" width="380"] KP Singh, chairman DLF Ltd. Reuters[/caption]

Like most developers, profits of New Delhi-based DLF have been hit by high interest rates and slowing home sales in Asia's third-largest economy which is growing at its slowest pace in a decade.

Founded by billionaire KP Singh, DLF has been struggling to sell non-core assets to pare its debt of Rs. 20,400 crore at end-June, which it expects to reduce to Rs. 17,500 crores by March 31.

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DLF 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.

Reuters