The real estate arm of Indiabulls group, Indiabulls Real Estate has bought back its entire stake of FIM, a US based private fund in its seven project subsidiaries for Rs 1172, said Business Standard.
According to the media report, FIM, part of Farallon Capital Management LLC, held 49 per cent equity stake in the joint ventures and had invested Rs 847 cr in 2007.
With the aforesaid investment, FIM made 1.3 times returns on its investment made in 2007, added the media report.
Earlier, Indiabulls Real Estate sold 35 per cent stake in its arm Indiabulls Infra Estate for Rs 1000 crore.
Moreover, these project companies are currently building residential apartments in over 120 acres in Gurgaon, 160 acres in other regions of national capital region, Delhi and 15 acres in Chennai.
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