DLF Ltd is likely to sell 50% pledge in one of its following saleable ventures in suburban Mumbai.
Niharika in Andheri East project is a 50:50 affiliation assignment with Akruti City Ltd.
DLF is expected to increase nearly Rs.400crore from the trade of 900,000 sq. ft area in the venture to a foreign fund.
Niharika is a “mixed” expansion venture with both commercial and retail office services.
The contract is still in the course of legal citations and could be inked early subsequent week.
The decision comes as a part of the developer’s strategy to produce cash flow through hotel plots and non-core assets sale.
Reportedly, DLF seeks to produce Rs.3, 500crore through asset sale in economic year 2010. The company had sold stake of 66% in Hindustan Spinning and Weaving Mill in central Mumbai to a Chennai based industrialist for Rs.310crore in a similar transaction lately.
Nevertheless, Akruti City had been DLF’s affiliation associate in that venture also.