Indiabulls Real Estate has acquired the entire minority stake of 10.08% in Indiabulls Infraestate (IIL), a majority owned material subsidiary of the company, from ILFS Fund entities namely IIRF India Realty XXI, Little Fairy and Vistra ITCL (India), its minority investors. The aggregate cash consideration paid for the said acquisition is Rs 358.44 crore, including interest of Rs 94.85 crore against their aggregate total investment of Rs 250 crore.
With this acquisition, IIL has become a wholly owned subsidiary of the company. IIL is developing a premium integrated marque residential project named ‘Indiabulls Blu’ in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area.
Indiabulls Real Estate is India's third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.