Tue, Jun 12, 2012
DLF Divests its Entire Shareholding in Adone Hotels and Hospitality Ltd.

DLF Divests its Entire Shareholding in Adone Hotels and Hospitality Ltd for Rs. 567 Crores

New Delhi, 12th  June, 2012 - DLF, the country's largest real estate company today announced that, the  company's wholly owned subsidiary, DLF Hotel Holdings Ltd, has divested its  entire shareholding in Adone Hotels and Hospitality Ltd (Adone) for Rs. 567  Crores. As a result, Adone and its wholly owned subsidiary, Marla Real Estate  Pvt. Ltd. have ceased to exist as subsidiaries of the company.

The  sale of the shareholding was undertaken in line with DLF's stated objective of  divesting its non-strategic assets.

Adone  holds land parcels in Chennai, Mysore, Kolkata and Thiruvananthapuram for hotel  developments alongwith other assets, was sold to a Kolkata based consortium of  Avani Projects and Square Four Housing & Infrastructure Pvt. Ltd.

DLF  Hotel Holdings was started as a joint venture with leading hospitality chain  Hilton International. In December 2011, DLF had brought out 26% stake of Hilton  JV.

For any further information please contact:
Sanjey Roy
DLF Ltd.
9312069104


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