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To help pare debt, the company has been selling off some shopping centres.
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Stauff said companies that drastically pare debt in bankruptcy do best as an investment.
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Last year, Reliance Communications attempted to sell a 26 percent stake in itself to pare debt.
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Last year, Reliance Comm attempted to sell a 26 percent stake in itself to pare debt.
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Last year, the company tried to sell a 26-percent stake in itself to pare debt, but found no takers.
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In the last two years, Ambani has had to sell or put on block several assets to pare debt in his group companies.
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The stake sale in the joint venture is part of DLF's strategy to divest "non-core" assets to pare debt, a company statement said.
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His company is expected to use some of the sale proceeds to pare debt of more than $5.5 billion.
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Some 18 months after completing a $62 billion takeover of Irish rival Shire, the Japanese drugmaker may sell another business to further pare debt.
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Sale of the 17-acre plot is seen as part of DLF's plan to sell some of its assets to pare debt of about $4 billion.
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At the mid-point of its offering price, the company now expects to receive net proceeds of $33.5 million, which it will use to pare debts.