Indian real estate company DLF has offloaded its 150MW wind project in Gujarat to Bharat Light and Power in a deal worth INR3.25bn ($53.18m).
As per the terms of the arrangement, Bharat Light and Power’s subsidiary BLP Vayu has acquired the project in addition to related assets, liabilities and relevant long term loans.
The sale was earlier valued at INR2.82bn ($46.1m).
"The size of the deal is based on the current valuation and not January," the Economic Times quoted a company official as saying.
The sale is said to be a part of company’s strategy to divest non-core assets to cut down its debt. By fiscal 2013-end, the company’s debt was INR217.31bn ($3.5bn).
DLF, nevertheless, claimed that the company would reduce the outstanding debt to INR170bn ($2.78bn) by the end if current fiscal through the sale of institutional placement programme (IPP), wind energy business and luxury hospitality chain Amanresorts.
Earlier in April 2013, the company divested its two wind projects in Rajasthan and Tamil Nadu for about INR2.41bn ($39.4m).
DLF, meanwhile, is currently engaged in discussions pertaining sale of 11MW Karnataka wind project.