Indiabulls Real Estate Acquires Sky Forest Projects for Rs 647 cr - PTI

New Delhi, Apr 30 (PTI) Indiabulls Real Estate on Tuesday said it has acquired 100 per cent stake in Sky Forest Projects Pvt Ltd from Blackstone at an enterprise value of Rs 647 crore.

In a regulatory filing, the company said its subsidiary Indiabulls Constructions has "completed the acquisition of 100 per cent stake, on a fully diluted basis, of Sky Forest Projects, which owns a residential project 'Sky Forest', situated in Lowel Parel, Mumbai, from certain entities controlled by funds managed by Blackstone Inc, for an enterprise value of approximately Rs 646.71 crore".

The acquisition would help expand the company's presence in Mumbai and is expected to lead to synergies and add value for all the stakeholders.

Indiabulls Real Estate Ltd (IBREL) has posted widening of consolidated net loss at Rs 1,038.65 crore for the last fiscal year. Its net loss stood at Rs 608.38 crore in 2022-23.

Total income also fell to Rs 468.75 crore during 2023-24 from Rs 648.47 crore in the preceding year.