DLF sells non-core assets worth $24 mln to pare debt

MUMBAI (Reuters) - DLF Ltd , India's largest real estate developer by market value, sold two non-core assets worth 1.47 billion rupees, the company said on Tuesday, as part of its effort to pare debt.

DLF divested a majority stake in a subsidiary for 798 million rupees and completed the sale of its wind turbines in Rajasthan for 674 million rupees, the company said in two separate statements.

Like most developers, profits of New Delhi-based DLF have been hit by high interest rates and slowing home sales in Asia's third-largest economy which is growing at its slowest pace in a decade.

Founded by billionaire K.P. Singh, DLF has been struggling to sell non-core assets to pare its debt of 204 billion rupees at end-June, which it expects to reduce to 175 billion rupees by March 31.

 

DLF in July agreed to sell its stake in a life insurance joint venture, but is yet to divest other non-core assets, including its luxury hotel chain Amanresorts.

(Reporting by Aditi Shah; Editing by Subhranshu Sahu)