December 19, 2012 12:42 PM IST

DLF to Sell Amanresorts to Adrian Zecha for Over ₹1,600 Crore

DLF Ltd (DLF.NS), India's biggest property developer, will sell its Amanresorts luxury hotel chain in a management buy-out with an enterprise value of around $300 million, the company said, in a deal that does not involve Amanresorts' flagship New Delhi hotel.

A man walks past a logo of Indian property developer DLF Ltd. in Mumbai June 11, 2007. Reuters/Punit Paranjpe/Files

Amanresorts, with assets including 22 hotels in 12 countries, has been on the block for around two years, as DLF worked to sell non-core assets to reduce its 232 billion rupees worth of debt.

The deal is expected to close by the end of February, DLF said in a statement to stock exchanges.