India's DLF in talks with GDF for unit sale-paper

MUMBAI, July 20 Sun Jul 19, 2009 11:54pm EDT

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MUMBAI, July 20 (Reuters) - DLF Ltd (DLF.BO), India's largest listed developer, is in talks with Europe-based Gaz de France Suez (GSZ.PA) and Akuo Energy for selling its wind energy business, the Economic Times newspaper reported on Monday.

The paper said the two firms had completed due diligence and the pricing would be decided by the end of July. DLF hopes to raise at least 9 billion rupees ($186 million) from the sale.

In May, DLF had said it was looking for a buyer for its wind power business, part of the company's move to exit non-core assets and businesses that would help it cut debt. It had said due diligence of the unit's assets was underway. [ID:nBOM458880]

DLF has said it aims to raise $2 billion over the next three years from asset sales as it struggles to cut debt amid a slump in property demand. ($1=48.4 rupees) (Reporting by Prashant Mehra; Editing by Ranjit Gangadharan)

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