DLF offloads wind power projects for $43.7m in India

Indian real estate developer DLF has offloaded its wind power assets in the states of Tamil Nadu and Rajasthan for INR2.4bn ($43.7m) to multiple acquirers.

The company’s subsidiary DLF Home Developers has entered into an agreement with Tulip Renewable Powertech to sell the 34.5MW Tamil Nadu project for INR1.88bn ($34.26m)

The deal also includes the related assets, liabilities and long-term loans, reported the Hindu Business Line.

Meanwhile, 33MW Rajasthan windmill will be acquired by Violet Green Power for INR522m ($9.5m), the company said in its stock exchange filings.

DLF added that the sale is a part of its plan to divest its non-core assets to narrow down its debt that is recorded to be INR212bn ($3.86bn) in fiscal 2012-2013.

Also, the company had laid claims of reducing the debt by INR50bn ($911.2m) by March 2103.

Earlier, the company has sold 150MW windmill in Gujarat to Bharat Light and Power for INR2.82bn ($51.3m).