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NEWS | DLF ends exclusive sale negotiations with Amanresorts founder

DLF has walked out of a pact to exclusively negotiate sale of its luxury hotel chain Amanresorts with Indonesian hotelier Adrian Zecha.India's largest realty firm DLFBSE -1.74 % has walked out of a pact to exclusively negotiate sale of its luxury hotel chain Amanresorts with Indonesian hotelier Adrian Zecha, after the USD 300-million deal could not be closed within the stipulated timeframe. DLF has opened talks with four other potential buyers, including some global private equity players, after breaking the exclusivity pact with Zecha, sources said.
In December 2012, DLF had announced the deal with Zecha, the founder of Amanresorts, for an estimated USD 300 million and expected the transaction to close by February 2013. Zecha missed the February deadline and exclusivity period was extended till June end. Sources with direct knowledge of the development said with no sight of the deal closing, DLF has walked out of the exclusively pact with Zecha. Though the exclusivity pact has been scrapped, he still is in fray to buy Amanresorts that has over two dozen properties spread across the world.


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