Saturday, May 2, 2009

DLF to hive off wind power business

The country's largest real estate developer, DLF, today said it will hive off wind power business, one of its non-core businesses, to a wholly-owned subsidiary.

"The board of directors of the company at its meeting held on April 30, 2009, inter alia, has approved to transfer company's wind power business, as a going concern on slump basis, to a wholly-owned subsidiary," DLF said in a filing to the Bombay Stock Exchange.

DLF would seek shareholders' nod for the same, it added.

While declaring its financial results, regarding exiting from non-core assets, DLF yesterday said: "Wind Power has met with a good response from strategic partners wherein the due diligence of the assets is currently underway."

Besides, the company was contemplating making an exit from long gestation projects such as hotels. It had already withdrew from large township projects at Bidadi and Dankuni.

DLF reported 93 per cent plunge in consolidated net profit for the fourth quarter of 2008-09 at Rs 159.05 crore. Its profit stood at Rs 2,176.82 crore in the year-ago period.

For the whole of 2008-09, DLF's net profit decreased by 41 per cent at Rs 4,629 crore compared with Rs 7,812 crore in the previous fiscal.

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