DLF sells Gujarat wind energy biz for Rs 282 cr

Our Bureau New Delhi | Updated on March 12, 2018 Published on January 31, 2013


Sale is part of firm’s efforts to prune debt

As part of its exercise of exiting non-core businesses, real estate firm DLF Ltd has sold its Gujarat-based 150 MW wind turbine project to Bharat Light and Power Pvt Ltd for Rs 282.30 crore. This is the third major deal by the country’s largest realty firm in last six months.

Bharat Light and Power is run by Tejpreet Singh Chopra, previously GE’s President and Chief Executive for India, Sri Lanka and Bangladesh.

Pruning debt

The company informed the Bombay Stock Exchange that the assets and liabilities, along with relevant long-term loans, would be transferred to BLP Vayu (Project 1) Pvt. Ltd, a subsidiary of Bharat Light and Power.

The company’s shareholders had approved the sale in July, 2012. DLF has wind power plants in four States with a total installed capacity of 227 MW.

These include a 11.2 MW plant in Gadag, Karnataka, projects totalling 33 MW in Osisan and Ratan Ka Baas, Rajasthan, and 34.5 MW installations in Elavanthi and Panapatti, Tamil Nadu.

DLF has been selling its non-core assets to prune its debt and focus on its core activity of property development.

Last August, DLF had sold a 17-acre parcel in Mumbai to Lodha Developers for Rs 2,727 crore. In December 2012, it announced the sale of Aman Resorts back to founder Adrian Zecha for about Rs 1,650 crore.

DLF’s debts stand at Rs 2,1000 crore. The company had earlier said it would like to bring it down to Rs 17,000 crore.

Non-core assets

Till September-end of this fiscal, DLF had raised Rs 5,773 crore from the sale of non-core assets such as hotel plots and IT Parks/SEZs. The total proceeds after these two major deals will cross Rs 9,000 crore.

Following the news, DLF shares were trading at Rs 277.60 on the National Stock Exchange, up 1.87 per cent from the previous close.


Published on January 31, 2013

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.