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K P Singh's DLF Ltd in stake sale of wind power business to Bharat Light   Sources - 31th January 2013, Indian Express

Country's largest realty firm DLF today said it will sell its wind turbine business in Gujarat to Bharat Light & Power for Rs 282.30 crore, thus starting the process to divest its last major non-core asset.

After signing the agreement for sale of this 150 MW wind turbine, the firm is now in the regulatory approval processes to sell its remaining wind power plants in Rajasthan, Tamil Nadu and Karnataka to Bharat Light & Power for a total amount of over Rs 800 crore.

In a filing to the BSE, DLF said it has entered into a definitive agreement with Bharat Light & Power for the sale.

"The company has entered into definitive business transfer agreement with BLP Vayu (Project 1), a subsidiary of Bharat Light & Power, for transferring of its undertaking comprising of 150 MW capacity wind turbines situated at Kutch, Gujarat on 'as is where is basis' by way of slump-sale for a lump sum consideration of Rs 282.30 crore," it added.

According to the understanding, the deal includes related assets and liabilities along with relevant long term loans, which will be transferred to BLP Vayu (Project 1) Pvt Ltd.

When contacted, a DLF spokesperson declined to comment on the current outstanding debt of its wind business.

However, according to sources close to the development, the deal is worth over Rs 500 crore. While Rs 282.30 crore will be received by DLF, Bharat Light & Power will pay the rest amount to refinance the debt.

Besides the 150 MW Gujarat unit, DLF has wind turbines in Rajasthan (34 MW), Tamil Nadu (33 MW) and Karnataka (11 MW).

Till September-end of this fiscal, DLF had raised Rs 5,773 crore from sale of non-core assets such as hotel plots and IT Parks/SEzs.

DLF shares today closed 1.87 per cent up at Rs 277.80 apiece on BSE