Indiabulls Real Estate has announced the acquisition of 100% stake in Sky Forest Projects Pvt Ltd from Blackstone at an enterprise value of Rs 647 crore. The company’s subsidiary, Indiabulls Constructions, finalized the acquisition, which includes Sky Forest, a residential project located in Lower Parel, Mumbai. The transaction, completed at an enterprise value of approximately Rs 646.71 crore, involves entities controlled by funds managed by Blackstone Inc.
Expansion in Mumbai
This acquisition signifies Indiabulls Real Estate’s strategic move to expand its presence in Mumbai. The addition of Sky Forest to its portfolio is expected to create synergies and enhance value for all stakeholders involved.
Financial Performance
Despite this acquisition, Indiabulls Real Estate Ltd (IBREL) reported a widening of consolidated net loss to Rs 1,038.65 crore for the last fiscal year, compared to Rs 608.38 crore in 2022-23. Additionally, total income decreased to Rs 468.75 crore during 2023-24 from Rs 648.47 crore in the preceding year.