The country's largest real estate developer, DLF, today said it will seek shareholders approval for hiving off its wind-power business to a wholly-owned arm.
DLF would transfer whole of its wind power business, which consist of two undertakings, as one or separate going concerns on slump sale basis to a wholly-owned subsidiary DLF Wind Power, the company said in a filing to the Bombay Stock Exchange.
The company has sought shareholders approval for the same by way of postal ballot. The company has wind turbine generator based power plants at Kutch and Gadag (Karnataka).
DLF's board had last month approved the hiving-off of the wind power business, one of its non-core business. The board "resolved to segregate the wind power business from the main activities in the best interest of the company by transferring the same, together with respective associated equipments, infrastructure, facilities and utilities as one or separate going concern on a slump-sale basis," it said.
While declaring its financial results, regarding exiting from non-core assets, DLF had said: "Wind power has met with a good response from strategic partners wherein the due diligence of the assets is currently underway."
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