Debt-ridden DLF, on Tuesday, said it had sold its entire stake in its subsidiary Adone Hotels and Hospitality to a Kolkata-based consortium Avani Projects and Square Four Housing & Infrastructure for Rs.567 crore.

To reduce debt

The realty giant is trying to reduce its mounting debt, which stood at Rs.22,725 crore as on March 31, 2012. It could manage to reduce debt by a meagre Rs.33 crore in the January-March quarter this year. “The company's wholly-owned subsidiary, DLF Hotel Holdings Ltd., has divested its entire shareholding in Adone Hotels and Hospitality Ltd (Adone) for Rs.567 crore,” DLF said in a statement.

Adone's properties, which include land parcels in Chennai, Mysore, Kolkata and Thiruvananthapuram for hotel developments, were sold to a consortium of Avani Projects and Square Four Housing & Infrastructure Pvt Ltd, it added.

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