DLF seeks shareholders' approval to sell wind power unit
New Delhi: Country's largest realty firm DLF Monday said that it has sought shareholders' approval for sale of its wind energy unit.
The company's board has approved the sale of its entire wind power unit in its meeting on May 30 and has sought its shareholders' approval for the purpose through a postal ballot, it said in a BSE filing.
The sale of wind power unit will strengthen its core business (real estate), it added.
The result of the postal ballot will be declared on July 20.
According to sources, the company is expected to raise Rs 1,000 crore through sale of its wind power unit.
The company has wind-turbine generator based powers with installed capacities of 150 MW and 11.2 MW located at Kutch (Gujarat) and Gadag (Karnataka) respectively.
It also has an arrangement to sell power generated from the said plants with utilities including Gujarat Urja Vikas Nigam Ltd and Hubli Electricity Supply Company Ltd.
The company has recently sold its entire stake in its subsidiary Adone Hotels and Hospitality to a Kolkata-based consortium Avani Projects and Square Four Housing & Infrastructure for Rs 567 crore.
The realty giant is trying hard to reduce its mounting debt, which stood at Rs 22,725 crore as on March 31, 2012. It could manage to reduce debt by a meager Rs 33 crore in January-March quarter, 2012.
DLF has raised about Rs 1,774 crore in last fiscal through sale of non-core assets, including plots and IT parks.
The overall target of divestment of non-core assets of Rs 10,000 crore would be achieved in the medium term.