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DLF rules out foreign buyouts

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Real estate company DLF Limited is not interested in overseas acquisitions. Rather, the company is planning to expand in the domestic hospitality segment.

“There is nothing to comment on… we don’t know from where these reports have emanated, nor the source of these. At present, we are not looking at overseas acquisitions,” said Rajeev Talwar, group executive director of DLF. Talwar was responding to reports of DLF taking over Amanresorts, the Singapore-based luxury hotels and spa chain, for $250 million.

“Big companies (such as Amanresorts) may be on the lookout (for funds)… but there has been no official communication from either side on this issue,” Talwar added.

A newspaper report said the deal between DLF and Amanresorts was being finalised at extremely “conservative valuation”. In addition to paying $250 million, DLF would assume a debt of around $220 million as part of the deal.

“We are tying up with international hotel chains to get investments into India, but are not buying properties outside,” Talwar said.

Meanwhile, the international headquarters of the Columbia Asia Group of Hospitals, based in Kuala Lumpur, announced that its Indian subsidiary, Columbia Asia Hospitals, has formed an alliance for the development of hospitals with DLF Home Developers Ltd (DLFH).

“DLFH would construct Columbia Asia-designed hospitals on lands situated in DLFH townships in India and then lease the lands and hospital buildings to Columbia Asia,” the company said in a statement.

Columbia Asia Hospitals currently own and operate the Columbia Asia Hospital at Hebbal in Bangalore. It has five additional hospitals under construction in India, located in Kolkata, Palam Vihar, Patiala, Mysore, and Bangalore; and it owns 13 additional locations in India for which it is pursuing building permits.

DLF is the country’s largest realty firm with a market capitalisation of Rs 148,527 crore.

– Bangalore Bureau

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