Finance, Other, Wind

DLF sells 2 wind power assets for Rs 2.41 billion

According to reports, India’s largest real estate firm DLF has signed agreements to sell its wind power assets in Tamil Nadu and Rajasthan for around Rs 241 crore. This is part of the company’s strategy to sell non-core assets to trim debt. In a notice to the Bombay Stock Exchange, the company said that a definite agreement has been entered into by the company’s wholly-owned subsidiary DLF Home Developers ( DHDL) and Tulip Renewable Powertechfor the transfer of its 34.5 MW Tamil Nadu wind mill.

“The transactions are in line with DLF’s objective of divesting its noncore assets,” said the statement. This would also include transfer of related assets and liabilities (including current assets and liabilities) and relevant long-term loans of the company to Tulip Renewable Powertech on an as-is-where-is basis by way of slump sale for a lump sum consideration of Rs188.7 crore. The company has also signed a similar agreement with Violet Green Power for sale of its 33 MW Rajasthan windmill for Rs52.2 crore.

In January, DLF had entered into definitive business transfer agreement with BLP Vayu, a subsidiary of Bharat Light&Power, for transferring its wind power assets comprising 150 MW capacity wind turbines situated in Kutch, Gujarat, on an ‘as-is-whereis-basis’ by way of slump sale for Rs 282.30 crore.

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