Realty major DLF has completed the Rs 325-crore deal to sell 150 MW wind turbine project in Gujarat to Bharat Light and Power.
The company transferred the windmills at Kutch in Gujarat to Bharat Light and Powers subsidiary BLP Vayu (Project 1) on July 5,DLF said in a regulatory filing.
As per the agreement executed with BLP Vayu (Project 1),DLF transferred the 150 MW wind turbines,including related assets and liabilities along with relevant long term loans,for a lump sum consideration of Rs 325.38 crore.
The deal value is higher than original announcement of Rs 282.3 crore made on January 31. The size of the deal is based on the current valuation and not January, a company official explained. The transactions are in line with DLFs objective of divesting its non core assets.
DLF,the countrys largest realty firm,had wind turbine projects in Gujarat,Rajasthan,Karnataka and Tamil Nadu with a total capacity of 227 MW.
Apart from Gujarat wind mills,the company had announced sale of wind turbine projects in Rajasthan and Tamil Nadu in April for about Rs 241 crore.
While the company has sold the 34.5 MW wind mill project in Tamil Nadu to Tulip Renewable Powertech for Rs 188.7 crore,the 33-MW wind mill project in Rajasthan has been divested to Violet Green Power for Rs 52.2 crore.
Wind Mills in Karnataka with a capacity of 11 MW are yet to be sold,but DLF is engaged in talks with potential buyers. DLF has been selling its non-core assets to cut its debt and focus on core property business. Its net debt stood at Rs 21,731 crore at the end of last fiscal.
With the help of proceeds from Institutional Placement Programme (IPP) and sale of wind energy business and luxury hospitality chain Aman resorts,the company plans to reduce the debt to Rs 17,000 crore by the end of current fiscal.
DLF had recently raised Rs 1,863 crore through the issue of over 8.1 crore fresh shares to institutional investors. In December 2012,the company had signed an agreement to sell Aman resorts back to original founder Adrian Zecha for over Rs 1,600 crore.