DLF in advance stage of talks to sell stake in Amanresorts
Google and Facebook have the same number of users. However, Google's net profit and revenue is 10 times that Facebook. Yet, at over $ 100bn, the stock market is giving a market value to Facebook that is only half of Google.
Realty giant DLF, which plans to raise up to Rs 2,500 crore by selling its stake in luxury hospitality chain Amanresorts, is in advanced talks with a few interested buyers and a deal could be closed soon.
DLF had acquired a controlling stake in Amanresorts for $400 million in 2007. It now has a 100 per cent stake in the hospitality chain that has about 25 resorts across the world.
"We are in an advanced stage of discussion with a couple of buyers who have shown interest in Amanresorts," a source said.
DLF is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore, excluding the Amanresort in Delhi, which it wants to retain, sources said.
When contacted, a DLF spokesperson said the company does not want to comment on market speculations. DLF, the country's largest developer, expects to raise about Rs 6,000 crore in the next one year from the sale of three big-tickets non-core assets, which includes Amanresorts, wind energy and a land parcel at Mumbai, sources said.
The fund would be utilised to bring down the net debt at a comfortable level, which currently stands at over Rs 22,000 crore, they added.