India’s largest real estate player, DLF, has set a revised target for divesting its big-ticket non-core assets, including Aman Resorts (excluding the Delhi property), NTC Mumbai land and wind mill business.
It aims to ‘enter definitive agreements’ to sell these assets during the first half of 2012-13, the company’s top executives told analysts in a post-result earnings call on Thursday. This is a change from the earlier target of divesting a bulk of its non-core assets by the end of 2011-12.
DLF is looking to reduce its debt which stood at Rs 22,725 crore as of March 31. The debt was down from Rs 22,758 crore in the previous quarter.
The developer is looking at non-core divestment of about Rs 3,000-4,000 crore in six months, and Rs 5,000 crore in the full year.
