INDIA BUSINESS WORLD - NOVEMBER 16^th - NOVEMBER 30^th - 2007

DLF PICKS UP MAJORITY IN AMANRESORTS FOR $400M

Real estate major DLF has entered into an agreement to acquire a controlling stake in the Amanresorts group for $400 million. The investment will be made by Overseas Hotels, a DLF subsidiary.

Amanresorts is one of the world's leading hospitality and lifestyle business and currently owns and operates 22 luxury hotels, many with residences, in 12 countries. At present, the company is on a major expansion spree, and has many new properties in various stages of development. Amanresorts is also expanding its geographical presence and is developing projects in key gateway cities around the world, including Delhi.

"With the financial backing of DLF, Amanresorts will now have the resources to significantly scale up its development plans. While we expand our global footprint we are committed to preserving and enhancing the distinctive character of the Aman experience," Amanresorts chairman Adrian Zecha said.

For DLF, this will be the first significant international acquisition. In a recent meeting in October, the company's board had approved plans to undertake international acquisitions.

"The deal provides us an opportunity to become a partner in one of the world's leading hospitality and lifestyle brands. We look forward to working closely with the founders and management of this business to further enhance its leadership position in the industry," DLF vicechairman Rajiv Singh said.

DLF has aggressive expansion plans in the hospitality sector and has an equal equity joint venture with Hilton for developing 5-star properties in India. The real estate major has also tied up with Four Seasons Hotels and Resorts for super luxury hotels in the country.