Indiabulls in talks with MIDC on stake in JV
Indiabulls says it is in discussions with MIDC to finalise latter's stake in Indiabulls Industrial Infrastructure Ltd.
By PTI |
MUMBAI: Indiabulls Real Estate on Wednesday said it is in discussions with Maharashtra Industrial Development Corporation (MIDC) to finalise the latter's stake in the Joint Venture company, Indiabulls Industrial Infrastructure Ltd (IIIL), that is developing a multi-product SEZ at Nasik.
As per the MoU signed earlier between MIDC and Indiabulls Real Estate, the stake of MIDC would be up to a maximum of 26 per cent in IIIL, the real estate arm of Indiabulls group said in a communique to the Bombay Stock Exchange.
Regarding the formal approval to IIIL for development of a multi-product SEZ at Nasik – Indiabulls Real Estate said, "the company is in discussions with MIDC to finalise MIDC's stake in the Joint Venture".
Earlier the Board of Approval had given formal nod to a proposal by financial services and real estate firm Indiabulls to set up a multi-product 1,214 hectare SEZ in Nasik, and in-principle clearance to 2,429 multi-product zone in Thane.
Besides, the company has received Rs 437.38 crore from Ariston Investment towards the sale of 7.95 per cent stake each in Indiabulls Properties and Indiabulls Real Estate Company.
The company received Rs 264.49 crore from Ariston Investment Sub A and Rs 172.89 crore from Ariston Investment Sub B towards the sale of equity stakes.
Indiabulls Real Estate has also acquired two housing projects in Chennai for an undisclosed amount.
Wholly owned subsidiaries of the company – Selene Estate and Fama Land Development – have entered into agreements for acquiring 50 acres of land at Jalladianpet and 241 acres of land near National Highway 5 in Chennai respectively.
As per the MoU signed earlier between MIDC and Indiabulls Real Estate, the stake of MIDC would be up to a maximum of 26 per cent in IIIL, the real estate arm of Indiabulls group said in a communique to the Bombay Stock Exchange.
Regarding the formal approval to IIIL for development of a multi-product SEZ at Nasik – Indiabulls Real Estate said, "the company is in discussions with MIDC to finalise MIDC's stake in the Joint Venture".
Earlier the Board of Approval had given formal nod to a proposal by financial services and real estate firm Indiabulls to set up a multi-product 1,214 hectare SEZ in Nasik, and in-principle clearance to 2,429 multi-product zone in Thane.
Besides, the company has received Rs 437.38 crore from Ariston Investment towards the sale of 7.95 per cent stake each in Indiabulls Properties and Indiabulls Real Estate Company.
The company received Rs 264.49 crore from Ariston Investment Sub A and Rs 172.89 crore from Ariston Investment Sub B towards the sale of equity stakes.
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Indiabulls Real Estate has also acquired two housing projects in Chennai for an undisclosed amount.
Wholly owned subsidiaries of the company – Selene Estate and Fama Land Development – have entered into agreements for acquiring 50 acres of land at Jalladianpet and 241 acres of land near National Highway 5 in Chennai respectively.
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