NEW DELHI: Indiabulls Infrastructure, a wholly owned subsidiary of Indiabulls Real Estate, has entered into an agreement to acquire group company India Land and Properties (ILPL) for Rs 685 crore. The deal is expected to be completed in the current financial year, the company said in a regulatory filing.
“Indiabulls Infrastructure has signed a definitive agreement to acquire 100% share capital of India Land and Properties (ILPL), for an aggregate consideration of Rs 685 crores, from Indiabulls Distribution Services Ltd (a wholly owned subsidiery of Indiabulls Ventures Ltd),” said a BSE notice late Tuesday.
Post completion of the deal India Land and Properties will become 100% wholly owned subsidiary of Indiabulls Infrastructure.
India Land and Properties owns a commercial complex of three towers with total constructed area of 2.67 million sq ft, with the leasable area of 1.94 million sq ft, spread over total land of over 8.84 acres at Ambattur Industrial Estate, Chennai.
RBS, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS and Access Healthcare are some of the companies that have offices in these towers.
. (source by:-The Economic Times)