DLF India's biggest property company, plans to sell a majority stake in its life insurance joint venture to HCL Group for about Rs 500 crore, the Business Standard reported on Tuesday.

Cash-strapped DLF aims to sell 51% in DLF Pramerica Life Insurance Company and use the proceeds to pay a part of its debt, the newspaper said, citing people with knowledge of the situation. KPMG has been appointed as advisor, it added.

DLF has debt of about USD 4.2 billion and has been trying to reduce the burden by selling its non-core assets including the Amanresorts International hotel chain and a property in Mumbai.

The company owns 74% in the joint venture and US-based Prudential International Insurance holds the remaining 26%.

A DLF spokesman said the company does not comment on market speculation. A spokeswoman at HCL Group, whose flagship is technology services firm HCL Technologies, also declined comment.