Currently, DLF owns 97% in Aman Resorts and its founder Adrian Zecha the rest.

DLF had acquired Aman Resorts, a chain of 23 hotels across 12 countries, for $400 million in the third quarter of 2007. The $400 million consisted of equity value of $250 million and $150 million of debt. Later, the company had invested in rebuilding the old Lodhi hotel in Delhi, which is now known as Aman Lodhi. DLF spokesperson Sanjoy Roy refused to comment. “As a policy, we do not comment on market speculation,” he added.

Another official said the company had originally told its foreign partner, Mr Zecha, to bring in a strategic partner. “DLF had given time till February 2010 to Mr Zecha to bring a strategic partner or financial investors, but this did not materialise within the stipulated time. Now, the company has itself initiated the process of divestment,” said the official involved in the process. Spokespersons of Goldman Sachs could not be contacted.