Malaysia’s investment holding arm Khazanah is in negotiations to buy a controlling stake in Aman Resorts from DLF for about $300m-$350m.

DLF is being advised by Goldman Sachs and JP Morgan on the deal, which may not include Aman’s Delhi property, according to an Economic Times report.

The sale on completion is expected to aid India’s largest real estate company cut its Rs1.40m debt.

DLF owns a 97% stake in Aman Resorts while Aman’s founder Adrian Zecha owns the remaining 3% stake.

Aman operates 23 luxury hotels across the world.