MUMBAI: DLF's cup of woes continues to overflow. The real estate giant is desperate to cut debt from its balance sheet, but the state of the market is so weak that previous agreements are coming apart.
The DLF-Aman Resort deal is facing funding issues as Adrian Zecha, previous founder of Aman Resorts Group, is unable to raise funds for the deal, say sources.The deal has missed two deadlines so far. The first deadline had expired in the month of March while the second one expired in June.
The deal is now likely to be delayed further by a few months.
The DLFBSE 0.88 % management refused to comment on the delay in deal and called it market speculation.The company has has a net debt of Rs 21,731 crore as of FY13 and aims to sell non core assets to reduce debt.The stock ended at Rs 175.85, down 4.14 per cent, on the BSE. It touched a high of Rs 180.65 and a low of Rs 174.70 in trade today.