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Private Equity | 31 October 2012

Xander To Acquire Stake In Indiabulls Real Estate Arm

by Sushil Surana
Xander To Acquire Stake In Indiabulls Real Estate Arm
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@Hemant_Kaul

Xander Group is in talks with @Indiabulls_Real_Esta to buy 35% stake in its arm @Indiabulls_InfraEstate_L 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.

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