ASIA-PACIFIC DLF is seeking to sell its controlling stake in the Aman Resorts luxury hotel chain as part of a plan by India’s largest property developer by sales to cut its high debt levels by about Rs50bn ($1.1bn).
The Indian developer – hit hard by the slowdown in India’s real estate market during the global financial crisis – hopes to raise $350m by selling its controlling stake in Aman Resorts to an Asian or Middle Eastern sovereign wealth fund, investment banking sources said.
