Below is an edited transcript of the interview with CNBC-TV18
Q: You have inked a land deal with Lodha Developers and funds of about Rs 2,000 crore have flows into the company in the past two days. Will is cause a significant reduction in debt in Q2?
A: As we have explained earlier, the inking of three major deals will significantly reduce the company's debt - the Mumbai deal, the entire Aman Resorts deal and the wind farms deal. Since a bulk of the Mumbai deal was signed in the current quarter of Q3 there will be a significant drop in the debt levels soon.
Q: Will the entire proceeds of about Rs 2,800 crore be used for debt reduction?
A: Once the money comes in, it comes into a fungible hold. But clearly a significant part would result in a drop in the net debt.
Q: So if there you do not expect any debt reduction in Q2, will there be a slight increase in debt which has been the trend over the last few quarters?
A: Unfortunately, since there is meeting on the close of the quarter on November 12, I would not be able share any details. So, you will have to wait for ten more days. But I can say with great confidence that with the completion of this deal and the other two, there should be a drop in debt reduction in both Q3 and Q4.
Q: How much debt do you expect to remain in your books?
A: Our net debt was about Rs 22,700 crore and I still believe that we will end the fiscal with a net debt in the range of Rs 18,000 crore.
Q: The next two deals that impact debt are the sale of the wind business and Aman Resorts. Has negative news regarding the company in the media impacted the completion of deals especially the sale of Aman Resorts?
A: I would not like to comment on all of those pieces of negative news. We have stated whatever we had to in our press releases. But the fact that we have closed one of India's single biggest transactions over the last couple of days speaks volumes.
Q: Will the negative news impact the sale of Aman Resorts and the wind business?
A: We do not believe that it will have any impact at all.
Q: How much do you plan to raise from the sale of wind business and Aman Resorts?
A: We are plan to raise about Rs 2,500 crore from these two deals combined.
Q: By when will you complete the sale of Aman Resorts?
A: Each of these deals are in the middle of extremely serious bilateral discussions right now. I think the deals should be inked in the next few months. I clearly plan to ink both in the current fiscal.
Q: Why has DLF not launched anything new in the festive season?
A: That is because several projects are in different stages of approval, construction and hand-over.
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