New Delhi: DLF Ltd, the country's biggest real estate firm, today said it has signed an agreement for acquiring controlling interest in Singapore-based Aman Resorts Group for an estimated amount of $250 million.

The company has formed an equal partnership with Adrian Zecha, the founder and chairman of Aman Resorts, and signed definitive agreements to acquire a majority stake in the hospitality group.

"The entire transaction, when completed, is estimated to be valued at $400million with an assumed debt of approximately $150 million," DLF said in a statement.

Overseas Hotels Ltd, a subsidiary of DLF Ltd, is making the investment. DLF already has a joint venture with global hospitality major Hilton to develop 75 hotels and service apartments across the country in the next seven years.

"We are delighted at this unique opportunity to become a partner in one of the worlds 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 Vice Chairman Rajiv Singh said.

Aman Resorts is a hospitality and lifestyle chain with 22 luxury hotels, many with residences, in 12 countries. It has ambitious growth plans with many new properties in various stages of development.

Besides, it is developing projects in key gateway cities around the world, the first of which is scheduled to open in New Delhi in 2008, the statement said.

"With the financial backing of DLF, we will now have the resources to significantly scale up its development plans," Zecha said. 

Source : PTI