Embassy Group has proposed to merge around 11 real estate projects comprising nearly 62 million sq ft area with Indiabulls Real Estate (IBREL) and take control of the merged entity. Embassy Group already has around 14 percent stake in Mumbai-based IBREL, which is part of the Indiabulls group. After this proposed merger plan gets concluded, Embassy Group will have a controlling stake and become promoter of the merged entity.
In June 2019, the promoters of IBREL sold 14 per cent stake through open market transactions to Embassy Group for Rs 950 crore, as part of their strategy to focus on financial services and exit from realty business.
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.
