A committee formed by the board of Indiabulls Real Estate Ltd. approved the company's plans to sell its commercial assets at Ambattur in Chennai, India, to entities controlled by Blackstone Group LP.

The Indian property company will completely divest its interest in the noncore real estate business operations in the city for a gross value of about 8.50 billion rupees, subject to adjustments, according to a filing.

The transaction, being carried out as part of the company's plans to reorganize its commercial leasing business, will be completed in tranches by Sept. 30, 2019.

As of July 5, US$1 was equivalent to 68.87 Indian rupees.