News
Indiabulls Real Estate buys back PE investor’s stake in 7 projects
Indiabulls Real Estate has purchased the entire stake of US-based private equity (PE) fund FIM Ltd in its seven project subsidiaries for Rs 1,172 crore.
FIM, a foreign venture capital investor of Farallon Capital Management, held 49 per cent equity stake in the project joint ventures and had invested Rs 847 crore in 2007.
With the purchase of Farallon’s entire stake, these project subsidiaries will now be 100 per cent owned by Indiabulls Real Estate.
These project companies are currently building residential apartments in over 120 acres in Gurgaon, 160 acres in NCR and 15 acres in Chennai.
Indiabulls Real Estate has a net worth of Rs 6,830 crore and is developing 7.3 crore sq.ft. across Mumbai, NCR and Chennai.
The company has delivered One Indiabulls Center and Indiabulls Finance Center, both in Mumbai. Recently HSBC had signed up for 70,000 sq ft of office space at Indiabulls Finance Center, the company said.
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