DLF to hive off wind power business

MUMBAI: The country���s largest real estate developer DLF on Friday said it will hive off wind power business, one of its non-core businesses, to a wholly-owned subsidiary.

���The board of directors of the company at its meeting held on April 30, 2009, inter alia, has approved to transfer the company���s wind power business, as a going concern on slump basis, to a wholly-owned subsidiary,��� DLF said in a filing to the Bombay Stock Exchange. DLF would seek shareholders��� nod for the same, it added.

While declaring its financial results, regarding exiting from non-core assets, DLF on Thursday said: ���Wind power has met with a good response from strategic partners wherein the due diligence of the assets is currently underway.���

Besides, the company was contemplating making an exit from long gestation projects such as hotels. It had already withdrew from large township projects at Bidadi and Dankuni.

DLF reported 93% plunge in consolidated net profit for the fourth quarter of 2008-09 at Rs 159.1 crore. Its profit stood at Rs 2,176.8 crore in the year-ago period.

For the whole of 2008-09, DLF���s net profit decreased by 41% at Rs 4,629 crore compared with Rs 7,812 crore in the previous fiscal.