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Indiabulls Real Estate secures approval to sell stakes in commercial properties

Indiabulls Real Estate Ltd. secured approval from its subsidiaries and board of directors to sell its stakes in its commercial and leasing business assets for between 44 billion Indian rupees and 48 billion rupees.

In addition to the £200 million sale of a London property approved earlier, the Indian property company is hoping to achieve zero net debt through the planned divestment.

Earlier in August, Indiabulls Real Estate was reported to have had discussion with Blackstone Group Inc. to sell its commercial property portfolio for 48 billion rupees. The transaction, which is part of the company's strategy to exit the real estate market, is expected to be completed "over the next few weeks."

As of Aug. 14, US$1 was equivalent to 71.53 Indian rupees.