DLF to sell two non-core assets this quarter

India’s largest real estate company DLF Ltd said it will sell at least two non-core assets in this quarter, helping it partly reduce its net debt of Rs 21,524 crore starting this quarter. “We should be able to achieve that in Q2,” the company’s executive director, Saurabh Chawla.. He said that the company expects to sell at least four non-core assets for the moment.
In a statement in May, DLF had said it plans to raise about Rs 6,000-7 ,000 crore over the next 2-3 years through the sale of its non-core assets such as IT parks, land parcels and its hotels business and use the proceeds to reduce debt.
The company’s net debt marginally increased Rs 100 crore during the April-June quarter this fiscal to .Rs  21,524 crore. “While debt levels have remained similar to the previous quarter, our momentum on the non-core asset/business divestments have gathered pace and these coupled with operational cash flows will help us in moderating our current debt levels,” said Ashok Tyagi, group CFO at DLF. The company had said earlier that it would focus on selling plots. It was reported earlier that DLF is in the process of selling its shareholding in two IT buildings in Pune and Noida.