1.In Mumbai (PTI): Indiabulls Real Estate on Thursday said it has acquired the stake of DLF, country's largest realty firm, in Tehkhand residential project at South Delhi for an undisclosed amount.
2.DLF and Indiabulls had formed a JV firm, Kenneth Builders and Developers, in 2006 to develop a high-end housing projects in South Delhi. Both companies have equal stake in the project.
3.The acquisition was made through Indiabulls Infrastructure Ltd (IIL), a subsidiary of Indiabulls Real Estate, the company informed the Bombay Stock Exchange.
4.With this acquisition IIL now owns 100 per cent stake in Kenneth Builders & Developers, which had earlier won the auction by Delhi Development Authority (DDA) to develop a residential project at Tehkhand in South Delhi.
5.The wholly-owned subsidiaries of Indiabulls and DLF, owned 50 per cent stake each in the Kenneth builders. 6.The JV had bought 35.8 acres of land at Okhla for Rs 450 crore from Delhi Development Authority.
7.Indiabulls Real Estate bought out DLF Home Developers shareholding in Catherine Builders and Developers, which owns 50 per cent stake in Kenneth Builders. The remaining 50 per cent shareholding of Kenneth is owned by Bridget Builders, a wholly-owned.
2.DLF and Indiabulls had formed a JV firm, Kenneth Builders and Developers, in 2006 to develop a high-end housing projects in South Delhi. Both companies have equal stake in the project.
3.The acquisition was made through Indiabulls Infrastructure Ltd (IIL), a subsidiary of Indiabulls Real Estate, the company informed the Bombay Stock Exchange.
4.With this acquisition IIL now owns 100 per cent stake in Kenneth Builders & Developers, which had earlier won the auction by Delhi Development Authority (DDA) to develop a residential project at Tehkhand in South Delhi.
5.The wholly-owned subsidiaries of Indiabulls and DLF, owned 50 per cent stake each in the Kenneth builders. 6.The JV had bought 35.8 acres of land at Okhla for Rs 450 crore from Delhi Development Authority.
7.Indiabulls Real Estate bought out DLF Home Developers shareholding in Catherine Builders and Developers, which owns 50 per cent stake in Kenneth Builders. The remaining 50 per cent shareholding of Kenneth is owned by Bridget Builders, a wholly-owned.
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