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DLF in advance stage of talks to sell stake in Amanresorts

Last Updated: Thursday, May 17, 2012 - 21:10

New Delhi: Realty giant DLF, which plans to raise up to Rs 2,500 crore by selling its stake in luxury hospitality chain Amanresorts, is in advanced stage of talks with few interested buyers and a deal could be closed soon.

DLF had acquired a controlling stake in Amanresorts for USD 400 million in 2007. It has now 100 percent stake in the hospitality chain that has about 25 resorts across the world.

"We are in advance stage of discussion with couple of buyers who have shown interest in Amanresorts," a source said.

DLF is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore, excluding the Amanresort in Delhi, which it wants to retain with itself, sources said.

When contacted, a DLF spokesperson said the company does not want to comment on market speculations.

DLF, the country's largest developer, expects to raise about Rs 6,000 crore in the next one year from the sale of three big-tickets non-core assets, which includes Amanresorts, wind energy and a land parcel at Mumbai, sources said.

The fund would be utilised to bring down the net debt at a comfortable level, which currently stands at over Rs 22,000 crore, they added.


First Published: Thursday, May 17, 2012 - 21:10
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