Indiabulls Real Estate’s board constituted Committee has authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, by which company will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company, and will realise a gross value of around Rs 850 crore, subject to adjustments, if any, basis certain assets and liabilities on closing (Transaction). The Transaction is to be completed in tranches by September 30, 2019.
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.
