Indiabulls Real Estate and its subsidiaries have sold their entire stake in Mariana Infrastructure to Blackstone Group for ₹8 billion (US$112 million).
“This sale was part of the overall strategy of Indiabulls to exit commercial real estate,” said J Sagar Associates (JSA) partner Lalit Kumar, whose firm advised Indiabulls and its subsidiaries. “It is also part of Indiabulls’ decision to achieve zero net debt in the current financial year.” Mariana owns a commercial project in Gurugram and a land parcel in Mumbai.
Indiabulls has previously sold real estate assets to the real estate private equity firm. In March 2018, it executed an agreement with Blackstone to divest 50% stake in Indiabulls Properties Private Limited (IPPL) and Indiabulls Real Estate Company Private Limited (IRECPL) at an aggregate enterprise value of US$1.4 billion.
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