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Indiabulls agrees to sell commercial properties to Blackstone for 8.11B rupees

Indiabulls Real Estate Ltd. entered into definitive agreements with The Blackstone Group Inc.-controlled entities for the 8.11 billion Indian rupee divestment of commercial properties in the Indian cities of Gurugram and Mumbai.

The transaction for the Gurugram properties will involve the transfer of Mariana Infrastructure Ltd., which holds the targeted assets.

Indiabulls has been in the process of transferring its commercial properties to the private equity giant since September following the completion of a separate 27.17 billion rupee transaction.

As of Dec. 20, US$1 was equivalent to 71.10 Indian rupees.