Indiabulls Real Estate Ltd is one of the largest listed real estate development companies in India and a leading national player across multiple realty and infrastructure sectors. The company is providing consultancy and advisory services to the companies engaged in the business of construction and development of real estate. They have a pan-India presence. The company's projects include High-end Office and Commercial Spaces, Premium Residential Developments, Integrated Townships, Luxury Resorts and Special Economic Zones. The company through their Real Estate Affiliates, the company's operations span all aspects of real estate development, from the identification and acquisition of land, to the planning, execution, construction and marketing of its projects (including architecture, design management and interior design), through to the maintenance and management of its completed developments as well as providing consultancy services on engineering, industrial and technical matters to all forms of industries including companies engaged in construction development of real estate and infrastructure projects. Indiabulls Real Estate Ltd was incorporated on April 04, 2006. The company was established with the main objects of carrying on the business of Real Estate Projects Advisory, Construction and Development of Real Estate Projects. The real estate undertaking of Indiabulls Financial Services Ltd was de-merged and transferred to the company as a going concern with effect from the appointed date May 01, 2006. During the year 2006-07, Indiabulls entered in a 50:50 joint venture with DLF, Kenneth Builders & Developers (KBD). KBD acquired 35.8 acres of land from Delhi Development Authority through a competitive bidding process for Rs 450 crore to develop residential apartments. Also, they received an 'in principle approval' from Government of India for development of multi product SEZ in the state of Maharashtra. During the year 2007-08, the company diversified significantly in the following business verticals within the real estate space, namely Real Estate Development, Project Advisory & Facilities Management: Residential, Commercial (Office and Malls) and SEZ Development; Power: Thermal and Hydro Power Generation and Retail Business: Department Stores, Hypermarket Stores, Daily Needs Neighbourhood Stores. In July 2007, the company raised USD 400 million through Global Depositary Receipts. During the year, the company received formal approval from the Ministry of Commerce (Government of India) for development of 3,000 acres of Multi Product SEZ in Nashik, Maharashtra, located on the Delhi-Mumbai industrial corridor, being developed as part of Indo-Japan Economic Partnership Agreement. Also, they received formal approval for 2 IT SEZs (25 acres each) located in the Panvel area of Mumbai Metropolitan Region. During the fourth quarter, the company launched Pre-sales at Castlewood Luxury Apartments in South Delhi During the year, Indiabulls Power Generation Ltd, a 100% subsidiary of the company was awarded the Letter of Intent for a 1320 MW Bhaiyathan Thermal Power Project (Bhaiyathan TPP) in Chhattisgarh by Chhattisgarh State Electricity Board. The project includes development of captive mines containing proven reserves of 349 million tonnes of coal. During the year, Indiabulls Wholesale Services Ltd, a 100% subsidiary of the company acquired 63.92% equity stake in Piramyd Retail Ltd through a Share Purchase Agreement. Indiabulls Infrastructure Ltd, a 100% subsidiary of the company acquired 100% shareholding in Catherine Builders fit Developers Pvt Ltd from DLF Home Developers Ltd. In December 27, 2007, Diana Buildwell Pvt Ltd, 100% subsidiary of the company sold their entire holding in Victor Hotels And Motels Ltd. During the year 2008-09, the company acquired the entire paid-up capital of Dev Property Development Ltd, a company incorporated and registered in the Isle of Man, pursuant to a scheme of arrangement. They disposed off investment in one of their wholly owned subsidiary, Shivalik Land Development Ltd. Also, Indiabulls Power Services Ltd, a wholly owned subsidiary company was merged with Sophia Power Company Ltd, a majority owned subsidiary of the company now known as Indiabulls Power Ltd. During the year, the company signed an MoU with Government of Madhya Pradesh for setting up a 2640 MW power plant in the State and another MoU with the Government of Jharkhand for a 1320 MW plant. In the Hydropower space, they signed an MoU with Government of Arunachal Pradesh for 167 MW of hydropower projects. During the year 2009-10, the company has approved to de-merger of the wholesale trading business of the company as a going concern to Indiabulls Wholesale Services Ltd. They disposed of one of their wholly owned subsidiary during the year. In June 2010, they disposed off seven wholly owned subsidiaries. The company plans to undertake real estate development projects beyond their operating area in Mumbai and Delhi across the commercial and residential sectors based on its experience. Also, they plan to focus on the development of mid to high-end residential projects in Tire 2 locations, as well as opportunities to develop townships on the outskirts of major cities.