India's largest real estate firm DLFBSE 1.36 % plans to reduce its debt from Rs 22,700 crore to Rs 18,000 crore by March, according to a top executive.
Chief financial officer Ashok Tyagi said the company will bring down the debt further to Rs 13,000 crore by selling non-core assets as well as stake in the company.
The builder, which closed a Rs 2,725-crore land deal on Thursday with Mumbai-based Lodha Developers, hopes to sell Aman Resorts and its wind power assets by the end of the fiscal. The two transactions are expected to fetch the company Rs 2,500 crore, which would go towards reducing the debt, Tyagi said. "We are talking to multiple parties for these transactions though an announcement is still a few weeks away," he said.
Tyagi said these deals are taking time because of the complex nature of the properties. DLF expects to raise Rs 800-1,000 crore from the sale of its wind power assets while the sale of Aman Resorts is expected to fetch Rs 1,700-2,000 crore.
"A debt of 12,000-13,000 crore is sustainable for us. It can be managed with our rental revenues. We hope to get there in another two years through a mix of operating surpluses, disposal of some assets and capital action linked to Sebi guidelines," Tyagi said.
Source: Economic Times
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