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Web Exclusive | July 2013

DLF sells its wind project in Karnataka for Rs 30 cr

As part of its strategy to exit from non-core businesses, realty major DLF on July 12 announced the sale of its 11.2 mw wind turbines in Karnataka for nearly Rs 30 crore. The country's largest realty firm has entered into an agreement with Delhi-based private firm Goyal MG Gases to sell Karnataka wind mills and the deal is expected to get completed by end of this year, DLF said in a filing to the BSE.

The development comes close on the heels of DLF's closing the Rs 325-crore deal to sell 150 mw wind turbine project in Gujarat. DLF entered into "definitive business transfer agreement with Goyal MG Gases for transferring of an unit comprising of 11.2 mw capacity wind turbines situated at Gadag, Karnataka on as is where is basis by way of slump-sale for a lump sum consideration of Rs 29.52 crore subject to adjustment for net working capital.

DLF said the entire project including related assets and liabilities along with relevant long term loans would be vested to Goyal MG Gases after fulfilling the terms and conditions by both the parties. Goyal MG Gases is manufacturer and supplier of industrial gases and the company has a large number of wind mills that are generating and exporting wind power to state electricity grids.

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