Indiabulls Real Estate to merge certain Embassy Property projects with self
Realty developer Indiabulls Real Estate has approved merging Bengaluru-based Embassy Property Developments with itself. Apart from bringing its ongoing, completed and planned projects into the company, Embassy is in talks with investors such as Blackstone Group and others to raise up to $200 million before the said merger.
This equity investment of $200 million is expected to support the merged entity to expand business operations.
The merged platform will be controlled by Embassy and Jitu Virwani will be the new promoter of the merged platform. Sameer Gehlaut, the current promoter of Indiabulls will become a passive shareholder and focus only on financial services. With this, Indiabulls Group will move out of realty development business.