Indiabulls Real Estate (IBREL) has cut its net debt by over Rs 300 crore during Q2FY16 and is aiming to further trim it by Rs 1,850 crore by March 2017. Net debt of the Mumbai-based developer stood at Rs 5,153 crore as on September 30, 2015 against Rs 5,461 crore at the end of the June quarter of 2015-16 financial year.
It is targeting a net debt of Rs 4,800 crore as of March, 2016 and Rs 3,300 crore as of March, 2017. IBREL’s total gross debt stood at Rs 5,863 crore, of which off-shore debt is Rs 1,838 crore against 22, Hanover Square, valued at GBP 230 million.
Indiabulls Real Estate is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of the company is construction and development of properties, project management, investment advisory and construction services.
