on 9th Feb 2014 DLF has completed the sale of Aman Resorts to Aman Resorts Group Ltd (ARGL) which were the original owner of Aman Resorts previously
ARGL is a joint venture of Omar S Amanat's Peak Resorts and Adrian Zecha, for $360 million i.e. 2200 Crore.
ARGL will be majority owned by Peak Resorts.
The deal will help India's largest real estate company cut down its mountain of debt.
This deal includes debt of about $70 million on the books of Silverlink Resorts Ltd, the holding company for Aman Resorts.
This deal would generate a cash surplus of about $290 million for DLF.
The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF Ltd.
The divestment of the hotel business is part of DLF's stated plan to exit from non-core businesses.
This deal will help in reduction of debt of Rs. 17,500 Crore.