Corporate Aug 13, 2012
What is Rs 2,000 crore to Rs 23,000 crore? Just a pittance. Nonetheless, for a debt-laden company like DLF even Rs 2,000 crore could well be of some help, though it may seem like a drop of water in the ocean.
India's largest listed real estate company may have got a neat Rs 2,000 crore profit from the sale of its 17.5 acre plot in the central Mumbai, a report in The Economic Times said today.
Shares of DLF were up 1 percent at Rs 212.60, while the benchmark BSE Sensex was almost flat.
The plot has been bought by Lodha Developers for Rs 2,750 crore, the report said, quoting two unnamed persons involved in the deal.
DLF had bought the plot from the National Textiles Corporation for Rs 703 crore.
Media reports had earlier suggested that the deal is in the works. DLF had refused to take staggered payments from Lodha, and wanted the entire Rs 2,800 crore in single tranche, a CNBC TV18 report has said.
It has not even agreed to advance payment, the report said.
The ET report, however, says Lodha will pay an advance of Rs 500 crore on Monday and pay the balance Rs 2,250 crore in October.
The sale of the land is part of DLF's plan to exit non-core businesses after it was laden with a debt of Rs 23,000 crore.
Earlier, DLF had sold DLF Hotels and Hospitality for more than Rs 560 crore.
The company has plans to sell its luxury hotels chain Aman Resorts and wind power business.
It hopes to rake in Rs 3,000 crore from these deals this fiscal, the ET report said.
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