Indiabulls Real Estate plans to sell its housing and commercial assets in Chennai as part of strategy to exit non-core market and restructure its business.
In April last year, the Mumbai-based developer had announced plans to restructure its business by creating a separate venture for commercial and leasing operations as part of efforts to focus on each segment.
It planned to hive off commercial and leasing business into a separate entity Indiabulls Commercial Assets Ltd.
In a regulatory filing, Indiabulls today informed that the board considered the recommendations made by a restructuring committee and authorised it to evaluate and finalise the options available for sale of its residential and commercial assets at Chennai.
The company did not provide any details about the properties it wants to divest in Chennai.
The board took on record the resolutions passed by the board of directors of its 100 per cent subsidiaries Navilith Holdings Ltd (Cyprus) and M Holdco1 Ltd (Mauritius) that authorised execution of non-binding documents with third party institutional investor, for reorganisation of its commercial leasing business in India.
The resolutions further authorised the two subsidiaries to conclude the transaction before March 31, 2018.
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