Indian real estate company DLF confirmed on Tuesday that it is selling its stake in Aman Resorts as part of a debt-cutting strategy, but that its joint venture with Hilton Worldwide will not be scuttled.
In an interview with Indian daily newspaper Business Standard, DLF executive director Rajeev Talwar said that the company seeks to sell its 94.78% share of the luxury resort chain, keeping only the 5-star Aman New Delhi.
Talwar told Business Standard that the sale is expected to be complete by the end of the year. Talwar did not mention which parties DLF has discussed selling the chain to, but said that Goldman Sachs and Citigroup are working as advisors on the deal.
Talwar said that DLF has an overall divestment target of US$1.3 billion to US$1.5 billion. Talwar said that although it was considered earlier, DLF has decided that the divestment will not include its joint venture with Hilton. The joint venture includes the building of a Hilton, Hilton Garden Inn and Homewood Suites by Hilton as part of a convention center complex in New Delhi as well as other Hilton-branded properties in India.
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Commis II Indian - Jobs in India