Indiabulls Real Estate’s wholly owned subsidiary (WOS) - Indiabulls Infrastructure (IIL) has signed a definitive agreement to acquire 100% share capital of India Land and Properties (ILPL), for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services (a WOS of Indiabulls Ventures), and the deal is expected to be completed in the current financial year. Post completion of the deal, ILPL will become 100% WOS of the company.
ILPL owns a commercial complex of 3 towers with total constructed area of 2.67 million square feet and leasable area of 1.94 million square feet, spread over total land of over 8.84 acres at Ambattur Industrial Estate, Chennai. Some of the lessees of these towers are RBS, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS, Access Healthcare etc. The said complex has been designed in compliance to the National Building Codes by internationally acclaimed ZAHA HADID, UK, ‘Laureate Pritzker’ Prize Winner (2004) and it’s a GOLD rated GREEN Building.
Indiabulls Real Estate is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of the company is construction and development of properties, project management, investment advisory and construction services.