India's largest realty firm DLF is looking to raise up to Rs 2,500 crore by selling its stake in luxury hospitality chain Aman Resorts and the deal is likely to be closed by December-end. According to sources,the company has received offers from few potential buyers and the same is being evaluated. DLF had acquired controlling stake in Aman Resorts for USD 400 million in 2007. It has now 100 per cent stake in the hospitality chain that has about 25 resorts across the world. As part of its strategy to sell non-core assets to reduce debt of over Rs 21,000 crore,the company had decided to sell stake in Aman Resorts. DLF expects to conclude the deal by the end of this quarter and is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore,excluding the Aman resort in Delhi,which it wants to retain with itself,sources said. When contacted,DLF spokesperson said that the company does not want to comment on market speculations. The real estate developer raised Rs 165 crore from sale of non-core assets in the first quarter of this financial year. It aims to raise Rs 10,000 crore from this process and so far,has realised Rs 3,235 crore from divestment. "Non-core asset monetisation gaining momentum,some deals at an advanced stage,while others are seeing encouraging responses at desired price points. On track to meet the divestment target of Rs 6,000-7,000 crore over the next 2-3 years," it had said in August.
