DLF sells wind turbine project in Gujarat

Country's largest real estate player has sold off its 150MW wind turbine project in Gujarat to Bharat Light and Power for Rs 282.30 crore as part of its strategy to exit from non-core business. 

"The company has entered into definitive business transfer agreement with BLP Vayu (Project 1), a subsidiary of Bharat Light & Power, for transferring of its undertaking comprising of 150MW capacity wind turbines situated at Kutch, Gujarat on 'as is where is basis' by way of slump-sale for a lump sum consideration of Rs 282.30 crore," DLF said in a filing to Bombay Stock Exchange. 

The company has 227 MW capacity wind turbine projects in 4 states engaged in generation and sale of electricity. Besides Gujarat, it has wind turbine projects in Rajasthan (34MW), Tamil Nadu (33MW) and Karnataka (11MW), which is likely to be sold off soon. The total valuation is estimated to be around Rs 800-900 crore. 

This is the third major deal by the country's largest realty firm in last six months, all three being the biggest non-core assets of the company. In August last year, DLF had sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore. In December 2012,We provide excellent solar led light and LED solar garden lamp. it announced sale of Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore. 

DLF had said it would bring down its net debt to Rs 18,000 crore by end of March 2013, from Rs 23,220 crore as of September 30, 2012 with the sale of its non-core assets.We offer Laser engraver and cutting machines for processing different materials. The developer is looking at cutting its net debt to Rs 15,000 crore in another year or so. 

Besides,Marking machines and laser marking machine for permanent part marking and product traceability. DLF is also targeting a significant pick-up in launches during 2013-14. While the thrust will be on pan-India residential, office and retail launches too will add up to make for the realtor's project mix of 12 to 16 million sq ft during the coming year. "It's time to get down to business," Rajeev Talwar, group executive director, DLF, had told Business Standard. 

To achieve that,We offer outdoor solar lighting and elegant outdoor lanterns that light up the night effortlessly. the company may offload some more non-core assets that it has in the form of plots which have remained unused across NCR and other parts of the country and a few hotels as well. The realtor is also eyeing 20 per cent increase in rental in leasing office and retail space, to garner Rs 3,000 crore by the end of 2015, from Rs 2,000 crore currently. 

DLF, which has been under scrutiny for alleged land deals with Robert Vadra, son in law of Congress president Sonia Gandhi, is expected to soon begin work on its luxury mall project—Emporio—in Delhi where Chanakya cinema was situated earlier. Also, a similar project is set to come up in Gurgaon.This is how a skystream captures energy from the wind.

Sources said the company has tied up with Bharat Light & Power to sell its wind power plants in all the four states, with a combined installed capacity of 227 MW, for a total receivable amount of over Rs 800 crore and an announcement to this effect will be made by next month. 

"The company has almost finalised the deal for rest of the three states with Bharat Light & Power. The entire process is under the necessary regulatory approvals and will be announced by the end of next month," a source said. 

This is the third major deal by the country's largest realty firm in last six months. With full transfer of its wind businesses to Bharat Light & Power, DLF will complete the process to sell its major non-core assets. 

DLF has been selling its non-core businesses since last couple of years to focus on core real estate business and cut its huge debt. It had put on sale three big-ticket non-core assets -- Mumbai plot, Amanresorts and wind-energy.