DLF plans sellouts worth Rs. 1800cr

DLF Limited, which is the country's biggest real estate player, is all set to sell its convention centre project in Delhi and its wind power business involving an investment of Rs. 1,800cr. The developer is hoping to raise 3,000cr in the current fiscal and about 3,500cr in 2012-13 by selling its non-core business to lessen its debt burden. In fact, the realty giant is close to forge a joint venture agreement for the convention centre at Dwarka, in west Delhi, with a Japanese company executing mega mall projects and convention centre deal is expected to fetch DLF about Rs. 800cr.

It is worth mentioning here that the DLF had acquired a 35-acre plot from DDA for Rs. 901cr to build a convention centre ahead of the 2010 Commonwealth Games. But the project, which was to include three hotels, commercial complexes could not take off. Later, when the company wanted to exit the project and sought a refund from the DDA, the development body refused after seeking legal advice. DDA sources claimed that DLF has sought permission to change the structure of the company that has got the land for the convention centre. They want to convert it into a consortium with a foreign partner, but DDA has not taken any decision to this effect as yet. Similarly, the DLF executive said the developer has started negotiations with investors for its wind power business and expects to raise 1,000cr through its sale.