Real estate major
DLF on Sunday said it plans to cut its Rs 23,000 crore
debt to about Rs 17,000 crore in this fiscal and asserted that it was not unduly "perturbed" by the massive debt.
The firm hopes to sell at least two out of its three big-ticket non-core business by the year end to cut debt.
DLF has put its luxury hospitality chain Amanresorts, wind energy and a huge land holding in Mumbai on the block as part of its plans to exit from non-core ventures and focus only on the property business.
"We are not unduly perturbed by the debt. We have annual rental income of Rs 1,800 crore from a leasing portfolio of 28 million square feet of office and retail space across the country," DLF Group Executive Director Rajeev Talwar said.
The rental income, which is growing every year, roughly equals the interest payout on the company's borrowings.
DLF expects to raise Rs 6,500 crore from sale of non-core assets this fiscal, of which Rs 5,000 crore would be utilised to repay debt and the rest will be used for capital expenditure, he added.
"The debt will come down to a level of about Rs 17,000 crore by end of this fiscal," Talwar said.
He said negotiations are at present on with potential buyers and deals to sell at least two out of the three non-core businesses could happen "any time".
Talwar, however, refused to divulge details. "All I can say is two deals may close by September or October."
Special 
