Goldman eyes Indiabulls realty stake

Goldman eyes Indiabulls realty stake


NEW DELHI: The US-based private equity player Goldman Sachs is learnt to be in talks with financial services company Indiabulls for investing $200 million (around Rs 800 crore) in the company’s real estate arm, Indiabulls Real Estate Limited (IREL). Industry sources said the investment would be in projects in and around Mumbai and not in the holding company.

Half of the proposed investment, around Rs 400 crore, could be in a 50:50 special purpose vehicle (SPV) to be floated by Goldman Sachs and Indiabulls, while the remaining Rs 400 crore could be in IREL’s existing projects. When contacted, Indiabulls executive director Gagan Banga said: “We are in talks with several players. I cannot make a formal comment till a deal is closed.” An e-mail sent to Goldman Sachs did not elicit any response


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