Indiabulls Real Estate to sell London property
Indiabulls Real Estate is to sell its London property to promoters for GBP 200 million (approximately Rs 1,800 crore) as it plans to focus on its India business and cut down on debt. The real estate firm had a net debt of Rs 4,590 crore as of March 31 and expects to reduce it to Rs 3,000 crore after the proposed deal with promoters. "The company has decided to focus on the Mumbai and NCR markets and, hence, has decided to divest Century Ltd, the parent company that houses Hanover Square property, London," Indiabulls Real Estate said in a BSE filing.
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