DLF plans to sell stake in insurance JV: report
MUMBAI (Reuters) - DLF, India's biggest property company, plans to sell a majority stake in its life insurance joint venture to HCL Group for about 5 billion rupees, the Business Standard reported on Tuesday.
Cash-strapped DLF aims to sell 51 percent in DLF Pramerica Life Insurance Company and use the proceeds to pay a part of its debt, the newspaper said, citing people with knowledge of the situation. KPMG has been appointed as advisor, it added.
DLF has debt of about $4.2 billion and has been trying to reduce the burden by selling its non-core assets including the Amanresorts International hotel chain and a property in Mumbai.
The company owns 74 percent in the joint venture and U.S.-based Prudential International Insurance holds the remaining 26 percent.
A DLF spokesman said the company does not comment on market speculation. A spokeswoman at HCL Group, whose flagship is technology services firm HCL Technologies, also declined comment.
(Reporting by Aditi Shah; Editing by Ranjit Gangadharan)
- Tweet this
- Share this
- Digg this
- OPEC oil output hits highest since 2012 on Libya, Saudi-Reuters Survey
- With iPhone 6 approved in China, Apple suppliers ready for demand
- Energy, manufacturing to lead Modi, Obama talks
- Modi promises U.S. CEOs a return to market reforms
- Kurds seize Iraq/Syria border post; Sunni tribe joins fight against Islamic State
President Barack Obama and new Prime Minister Narendra Modi discussed trade issues, climate change and the fight against Islamic State militants during an Oval Office meeting on Tuesday, the two leaders told reporters after their meeting. Story | Full Coverage
China final HSBC PMI steady in September on stronger global demand but risks remain Full Article