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DLF sells wind mill in Gujarat for Rs 3.25 billion

According to reports, realty major DLF has completed the Rs 325-crore deal to sell 150 MW wind turbine project in Gujarat to Bharat Light and Power.

The company transferred the wind mills at Kutch in Gujarat to Bharat Light and Power’s subsidiary BLP Vayu (Project 1) on July 5, DLF said in a regulatory filing.

As per the agreement executed with BLP Vayu (Project 1), DLF transferred the 150 MW wind turbines, including related assets and liabilities along with relevant long term loans, “for a lump sum consideration of Rs 325.38 crore”.

The deal value is higher than original announcement of Rs 282.3 crore made on January 31.
“The size of the deal is based on the current valuation and not January,” a company official explained.
The transactions are in line with DLF’s objective of divesting its non core assets.
DLF, the country’s largest realty firm, had wind turbine projects in Gujarat, Rajasthan, Karnataka and Tamil Nadu with a total capacity of 227 MW.
Apart from Gujarat wind mills, the company had announced sale of wind turbine projects in Rajasthan and Tamil Nadu in April for about Rs 241 crore.
While the company has sold the 34.5 MW wind mill project in Tamil Nadu to Tulip Renewable Powertech for Rs 188.7 crore, the 33-MW wind mill project in Rajasthan has been divested to Violet Green Power for Rs 52.2 crore.
Wind Mills in Karnataka with a capacity of 11 MW are yet to be sold, but DLF is engaged in talks with potential buyers.

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