DLF Ltd, India's biggest property company, plans to sell a majority stake in its life insurance joint venture to India's HCL Group for about 5 billion rupees ($95 million), a newspaper reported on Tuesday. Cash-strapped DLF aims to sell 51 per cent in DLF Pramerica Life Insurance Company and use the proceeds to pay a part of its debt, the newspaper said, citing people with knowledge of the situation. KPMG has been appointed as advisor, it added. DLF has debt of about $4.2 billion and has been trying to reduce the burden by selling its non-core assets including the Amanresorts International hotel chain and a property in Mumbai. The company owns 74 per cent in the joint venture and US-based Prudential International Insurance holds the remaining 26 per cent. A DLF spokesman said the company does not comment on market speculation. A spokeswoman at HCL Group, whose flagship is technology services firm HCL Technologies, also declined comment.
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