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Indiabulls Real Estate announced that the company has divested its remaining stake in existing JV Cos namely
Yashita Buildcon and Ashkit Properties (both owning assets at Udyog Vihar,
Gurugram) and its certain subsidiaries in Indiabulls Properties and Indiabulls Real
Estate Company both owning assets at Lower Parel, Mumbai) to the entities
controlled by the Blackstone Group Inc.
With the receipt of sale consideration and
satisfactory completion of closing conditions, the divestment of these assets got concluded on 25 September 2019, at an aggregate equity value of approximately Rs 2717 crore.
This has generated significant financial resources for the Company towards achieving its goal of
ZERO net debt in the current financial year.
Further, the Company and its subsidiaries are also in the process of finalization of definite
transaction document(s) with Blackstone for proposed divestment of Company's direct or indirect
stake in commercial assets/development at Worli Mumbai, rights/stake in K.G. Marg, New Delhi
and Sector 104 & Sector 106, Gurugram.
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