Xander To Acquire Stake In Indiabulls Real Estate Arm
by Sushil Surana
Xander Group is in talks with Indiabulls Real Estate to buy 35% stake in its arm Indiabulls InfraEstate for around R800 Cr, according to BS.
This January, PE Firm - IL&FS Investment Managers bought 9.4% stake in the Indiabulls InfraEstate for R200 Cr.
Indiabulls InfraEstate owns two parcels of land in Worli area of Mumbai - Bharat Textile Mills and Poddar Mills, which together have over 10.6 acres of land. Indiabulls Real Estate is developing its Blu project on this land.
Indiabulls had bought 8.39 acres of Bharat Textile Mills land in 2010 for R1580 Cr from National Textile Corporation. Indiabulls also acquired the adjacent Poddar Mill on 2.3 acres for R498 Cr.