Realty Major DLF has signed an agreement to sell luxury resort chain Amanresorts for $300 Mn to the founder and chairman - Adrian Zecha.
According to BSE filing, the transaction concluded as a MBO of DLF Global Hospitality’s 100% shareholding in Silverlink Resorts Limited (the holding company of Amanresorts) from Adrian Zecha.
The sale of the hotels and resorts under the Amanresorts brand does not include the Delhi property – Lodhi hotel and the transaction is likely to be completed by Feb’13.
DLF has a debt of around R21,200 Cr and the company has targeting to reduce it to R18,000 Cr by the end of this fiscal from sale of two big non-core businesses — Amanresorts and wind energy. DLF was planning to sell hotel - Hilton Garden Inn of New Delhi.
It has recently sold the Mumbai plot to Lodha Developers for about R2,700 Cr.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.