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Indiabulls Real Estate to divest stake in existing JVs with Blackstone

Updated : September 11, 2019 08:28 AM IST

Indiabulls Real Estate will divest stake in existing joint venture (JV) companies with Blackstone.

Back in August, Indiabulls Real Estate, in an exchange filing, said that they will be divesting the entire stake in JV with Blackstone and this is done in order to make the company net debt-free by the end of this financial year.

The company is now divesting its entire stake that was in JV with Blackstone – that is the remaining 50 percent stake. Additionally, they will also be divesting their stakes in the commercial properties, which are in Mumbai, Gurugram and New Delhi.

As on March 31, Indiabulls Real Estate had a net debt of around Rs 4,500 crore.
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