Indiabulls Real Estate buys entire stake of FIM in 7 project for Rs 1,172.16 crore

Indiabulls Real Estate has purchased the entire stake of FIM and its affiliates managed by Farallon Capital Management LLC and its affiliates, a leading US private equity fund, in its 7 project subsidiaries for a total consideration of Rs 1,172.16 crore. FIM held 49% equity stake in these JVs and had invested Rs 847.48 crore in 2006 to 2008. With the purchase of FIM’s entire stake, these project subsidiaries will now be 100% owned by Indiabulls Real Estate.

Indiabulls Real Estate is country’s third largest property company. It has various development projects in the residential, commercial, hotels, malls, and Special Economic Zone (SEZ) segments. The company’s projects portfolio includes high-end office and commercial spaces, premium residential developments, integrated townships, luxury resorts and SEZs.