Sky Forest Projects (SFPPL) owns a residential project-Sky Forest, situated in Lowel Parel, Mumbai. The acquisition will help expand Indiabulls Real Estate’s presence in Mumbai.
Indiabulls Constructions, a wholly owned subsidiary of Indiabulls Real Estate, has completed the acquisition of 100% stake, on a fully diluted basis, of Sky Forest Projects (SFPPL), which owns a residential project-Sky Forest, situated in Lowel Parel, Mumbai from certain entities controlled by funds managed by Blackstone Inc., for an enterprise value of approximately Rs 646.71 crore.
About 100% stake, on a fully diluted basis, comprising 32,51,362 equity shares of SFPPL have been acquired. The acquisition will help expand the company’s presence in Mumbai. The company reported consolidated net loss at Rs 1,038.65 crore for FY24 as against net loss of Rs 608.38 crore in FY23. Total income dipped to Rs 468.75 crore during FY24 from Rs 648.47 crore in FY23.
