DLF Ltd in a filing on the Bombay Stock Exchange said that it has got approval from its shareholders to sell its wind power business.

Shareholders approved the proposal to sell DLF's entire wind power unit through a postal ballot process. Of the total votes polled, 99.98% were in favour of the resolution.

The real estate firm had sought shareholder approval on June 18 to sell hits wind power business to reduce debt. DLF is expected to raise INR 1,000 crore through the sale of these assets.

DLF's wind power assets include power plants with installed capacities of 150 MW in Kutch, Gujarat and 11.2 MW at Gadag, Karnataka. The company also has power purchase agreements with Gujarat Urja Vikas Nigam Ltd and Hubli Electricity Supply Co Ltd. The company has an additional around 70 MW of installed capacity spread over plants in Tamil Nadu and Rajasthan in another company DLF Homes, which is an unlisted entity, which did not require any approval to sell.

The company has been in the process of selling a number of its non core assets to reduce its debt that stood at INR 22,725 crore at the end of March 31, 2012. In the fiscal 2011-12, it managed to raise INR 1,774 crore through asset sales against a target of INR 5,000 to INR 6,000 crore and reduced its debt by only INR 33 crore in the fourth quarter of fiscal year 2012.

Source - Economic Times

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