New Delhi: Indiabulls Real Estate has bought the entire stake of US-based fund FIM Ltd in its seven project subsidiaries for Rs 1,172 crore.
FIM, a foreign venture capital investor of Farallon Capital Management, was having 49 per cent equity stake in the project joint ventures and had invested Rs 847 crore in 2007.
Following the purchase, these project subsidiaries will now be 100 per cent owned by Indiabulls Real Estate.
Indiabulls Real Estate has a net worth of Rs 6,830 crore and is developing 7.3 crore sq.ft. across Mumbai, NCR and Chennai.