DLF close to selling wind power business

As part of its long-drawn plan to sell assets to reduce debt, DLF, India’s biggest builder, said it is in talks with four entities to sell its wind business for around Rs900 crore.

The company is in talks with IDFC, ReNew (the company floated by Sumant Sinha, former CEO of Suzlon), Bharat Light & Power and Green Orient on this, sources said.

The realtor has sought shareholder nod to sell the business. A sale is likely over the next four to five weeks, sources said.

The company has 161 mega watt of wind power generation capacity, including a massive 150 mw facility in Kutch, Gujarat, and another 11.2 mw facility in Gadag, Karnataka.

Aashiesh Agarwaal, analyst with DLF, valued the company’s windpower assets at Rs780 crore in a note on Tuesday.

“We expect the deal to take at least another 30 days and could bring in around RS900 crore. It would help reduce the company’s debt,” said another analyst with a foreign brokerage firm.