New Delhi, Nov. 28: DLF Ltd, India’s largest property developer, plans to raise its stake in Silverlink — the holding firm for global luxury resorts chain Aman Resorts — to almost 100 per cent.

DLF, which has already taken a majority stake in Silverlink, “will buy out other shareholders within a month or so”, said sources close to the deal.

Negotiations are under way with other partners in Silverlink to buy out their holdings.

The KP Singh-owned DLF has already bought the stake that Lee Hing Development — a Hong Kong-based property fund — held in Silverlink.

The deal is valued at $400 million but this includes an assumed debt of $150 million. The actual value of the shareholding is estimated at $250 million.

Sources said the $150 million debt would be assumed by DLF and Aman would not have any debts on its books.

They said Adrian Zecha, founder and chairman of Aman Resorts, would retain just a minority stake in the business after DLF completes its buyout.

However, the former Time magazine journalist turned hotelier will continue to play a pivotal role in running the business.

Zecha, who briefly ran a magazine called Asia in the early sixties, founded the upmarket resort chain in 1988 with financial backing from several partners, including Anil Thadani, then manager of Singapore’s Schroeder Capital.

Later, he roped in other financiers — mostly friends like Clement Vaturi — who took a majority stake in Silverlink and allowed Zecha to conceptualise his unique super exclusive boutique hotels and exotic hideaways.

In 1996, US-based realty fund Colony Capital acquired Vaturi’s stake and three board positions. Three years later, Zecha briefly left Aman only to return after the Lee Hing took majority control in 2000.

Sources said DLF’s takeover this time round was with the full knowledge of Zecha.

They refused to disclose the exact amount paid as the deal was not yet complete. “DLF has only secured a majority stake in the holding company ... more shares have to be bought,” they added.

Even after the takeover, Silverlink will continue to be the holding company of Aman Resorts.

DLF’s investment in Aman Resorts will be routed through its subsidiary Overseas Hotels Ltd, which is registered in the Cayman Islands, a tax haven.

Sources said it was unlikely that Aman Resorts would now go ahead with its earlier plans for a public issue.

“With the financial backing of DLF, Aman Resorts will now have the resources to significantly scale up its development plans,” Zecha has said in a statement.

Aman Resorts currently owns and operates 22 luxury resorts spanning Phuket, Bali, Pacific Islands, the US and India. It also has six projects under construction in Bhutan, the US, Montenegro, Croatia, Beijing, India (the former Lodhi Hotel in New Delhi) and Laos.

Aman Resorts first hotel project in India will open in New Delhi next year when the refurbished Lodhi hotel is ready. At present, it runs Aman-I-khas — a tented camp in Ranthambore forest which opened in 2003.

Aman also used to manage the Manor Hotel, located in a posh south Delhi locality but this hotel does not figure in the deal with DLF and will continue to be run and owned by Manmohan Singh, a former captain of the Delhi Golf Club.

Singh, told The Telegraph, “I plan to run the hotel myself.” He said Purnendu Chatterjee, who earlier held an equal stake in the hotel, had sold out to him and the hotel was now entirely under his control.