DLF has informed the Bombay Stock Exchange that it has received the first tranche of Rs.200 crore from IDFC, which is in the process of acquiring 100% shareholding in a JV company of DLF called Galaxy Mercantile. The JV company is the owner of a 1.3 million sq ft IT Park in the Delhi suburb of Noida.
DLF Home Developers, a wholly owned subsidiary of DLF Ltd owns 71% in the IT Park. The filing with BSE said the balance payment from IDFC is linked to leasing milestones.
“The above transaction is in line with the DLF’s objective of divesting its non-strategic assets. This investment in GML is the first by IDFC as a part of a strategy to invest in a portfolio of yield generating office infrastructure assets in major markets around the country,” said the filing.
DLF has been selling a number of its non-core assets in the last few quarters to reduce debt of Rs.22,519 crore at the end of September 2011, up nearly Rs.1,000 crore from Rs.21,524 crore as of June 30.
Apart from the IT Park in Noida, it is in the process of selling its shareholding in an SEZ in Pune to Blackstone for an estimated Rs.900 crore. DLF is expected to close the Aman Resorts sale as well within this quarter. Through these three transactions, DLF aims to reduce its debt by around Rs.3,000
