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UK NRI Mittal and US Farallon Capital, bought 28.6% stake in Indiabulls for Rs 1,580 crore


Mumbai, Feb. 14, 2008
Sohan Singh

UK NRI Mittal, steel tycoon and US-based, Farallon Capital, jointly bought 28.6% in unlisted Indiabulls Power Services for Rs 1,580 crore and value will go up 5,525 crore.

NRI Mittal will invest Rs 592.5 crore for 10.7% stake in the company. Farallon Capital is investing Rs 987.5 crore to buy 17.9% in the company and already has stakes in other Indiabulls companies.

Indiabulls Real Estate had invested Rs 592.5 crore in its power business as equity capital. At present, Indiabulls Power is in the process of building two mega thermal power plants in Maharashtra with an aggregate capacity of nearly 4,000mw. It has also agreed to build for four medium sized hydro-power projects in Arunachal Pradesh.

Indiabulls is India’s leading Financial Services and Real Estate company having over 640 branches all over India. Indiabulls serves the financial needs of more than 4,50,000 customers with its wide range of financial services and products from securities, derivatives trading, depositary services, research & advisory services, consumer secured & unsecured credit, loan against shares and mortgage & housing finance. With around 4000 Relationship Managers, Indiabulls helps its clients to satisfy their customized financial goals. Indiabulls through its group companies has entered Indian Real Estate business in 2005. It is currently evaluating several large-scale projects worth several hundred million dollars.

Indiabulls Financial Services Ltd is listed on the National Stock Exchange, Bombay Stock Exchange and Luxembourg Stock Exchange. The market capitalization of Indiabulls is around USD 3,330 million (30th September 2007). Consolidated net worth of the group is around USD 950 million (30th September 2007). Indiabulls and its group companies have attracted more than USD 800 million of equity capital in Foreign Direct Investment (FDI) since March 2000. Some of the large shareholders of Indiabulls are the largest financial institutions of the world such as Fidelity Funds, Goldman Sachs, Merrill Lynch, Morgan Stanley and Farallon Capital.
Business of the company has grown in leaps and bounds since its inception. Revenue of the company grew at a CAGR of 159% from FY03 to FY07. During the same period, profits of the company grew at a CAGR of 184%.

Indiabulls became the first company to bring FDI in Indian Real Estate through a JV with Farallon Capital Management LLC, a respected US based investment firm. Indiabulls has demonstrated deep understanding and commitment to Indian Real Estate market by winning competitive bids for landmark properties in Mumbai and Delhi.



UK NRI Mittal, steel tycoon