Indiabulls Infrastructure, a subsidiary of Indiabulls Real Estate, signs an agreement to buy 100 per cent stake in a group company India Land and Properties (ILPL) for Rs 685 crore. The entire acquiring process will be completed in by the end of this financial year, confirmed by the company.
Once the deal is closed, India Land and Properties will become another subsidiary of Indiabulls Infrastructure. The real estate firm already have a commercial complex of three towers spanned over a total area of 8.84 acres including the constructed area of 2.67 million sq. ft. and the leasable area of 1.94 million sq. ft.
Located at Ambattur Industrial Estate in Chennai, the complex has given office spaces to many companies such as RBS, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS and Access Healthcare.
“Indiabulls Infrastructure has signed a definitive agreement to acquire 100% share capital of India Land and Properties (ILPL), for an aggregate consideration of Rs 685 crores, from Indiabulls Distribution Services Ltd (a wholly owned subsidiary of Indiabulls Ventures Ltd),” Reports Bombay Stock Exchange (BSE) notice.
Source: ET Realty