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DLF sells Kutch wind turbine business to BPL Vayu

DLF sells Kutch wind turbine business to BPL Vayu
In line with DLF's objective to divest non-cor businesses, the company today said that it has entered into an agreement with BPL Vayu to sell its Kutch Wind Turbine unit.

"DLF Ltd has informed BSE that the Company along with DLF Home Developers Ltd., the Company's wholly owned subsidiary has 227 MW capacity wind turbines in 4 states engaged in generation of electricity and sale of the same.

The Company has entered into definitive Business Transfer Agreement with BLP Vayu (Project 1) Pvt. Ltd., a subsidiary of Bharat Light & Power Pvt. Ltd. for transferring of its undertaking comprising of 150 MW capacity wind turbines situated at Kutch, Gujarat on ‘as is where is basis' by way of slump-sale for a lump sum consideration of Rs. 282.30 Crores. Subject to the fulfilment of the terms and conditions by both the parties in accordance with the said agreement, the undertaking as mentioned above including related assets and liabilities along with relevant long term loans would be transferred to BLP Vayu (Project 1) Pvt. Ltd, DLF has said in a statement to the BSE

The shareholders of the Company had approved the sale in July, 2012.

The transaction is expected to be consummated on receipt of requisite regulatory approvals. The stock of DLF was marginally up by 1.76 per cent, following the news.

Read more about: dlf
Story first published: Thursday, January 31, 2013, 11:45 [IST]
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