Indiabulls Real Estate has divested its remaining stake in existing Joint Venture Companies namely Yashita Buildcon and Ashkit Properties (both owning assets at Udyog Vihar, Gurugram) and its certain subsidiaries in Indiabulls Properties and Indiabulls Real Estate Company (both owning assets at Lower Parel, Mumbai) to the entities controlled by the Blackstone Group Inc. (Blackstone).
With the receipt of sale consideration and satisfactory completion of closing conditions, the divestment of these assets got concluded on September 25, 2019, at an aggregate equity value of approximately Rs 2717 crore.
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.
