The Business Standard in India is reporting that bankers are getting closer to finalizing a deal for DLF’s disposition of its majority stake in Aman Resorts. On Friday, it reported that Khazanah, the Malaysian government’s wealth fund, is being rumored as the most likely buyer of the ultra-luxury resort brand with names such as Saudi Prince Alwaleed’s Kingdom Holding among the other interested bidders.
The Business Standard reported the deal is likely to be concluded early in 2012 with Aman Resorts Founder Adrian Zecha expected to be involved in the final decision.
DLF, India’s largest property developer, bought Aman Resorts in 2007 for US$400 million and is in the process of reducing its debt through the divestment of non-core assets such as Aman.