Leading real estate company DLF on Thursday said it had decided to sell its wind turbine business in Gujarat to Bharat Light & Power for Rs. 282.30 crore, as part of its strategy to reduce debts and divest from non-core business.
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. ``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,’’ the company said in a filing to BSE.
Sources said the deal was 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). ``The company has almost finalised the deal for rest of the three states with Bharat Light & Power. The entire process is under the necessary regulatory approvals and will be announced by the end of next month,’’ sources in the company said.