Indiabulls Infrastructure to acquire 100 % share capital of ILPL
Shital Jibhe / 15 Mar 2017
Indiabulls Infrastructure Limited (IIL), a wholly owned subsidiary of the Indiabulls Real Estate Limited, has signed a definitive agreement to acquire 100 % share capital of India Land and Properties Limited (ILPL), for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services Limited.
Indiabulls Infrastructure Limited (IIL), a wholly owned subsidiary of the Indiabulls Real Estate Limited, has signed a definitive agreement to acquire 100 % share capital of India Land and Properties Limited (ILPL), for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services Limited ( a 100% subsidiary of Indiabulls Ventures Limited), and the deal is expected to be completed in the current financial year.
After the completion of the deal, ILPL will become 100% owned subsidiary of the company.
ILPL owns a commercial complex of 3 towers, spread across a total land area of over 8.84 acres in Chennai. Some of the lessees of these towers are Royal Bank of Scotland, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS, Access Healthcare and others.
It's a GOLD rated GREEN Building designed in compliance to the guidelines by the internationally acclaimed company, ZAHA HADID,UK, winner of the " Laureate Pritzker" in 2004.
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