Lakshmi Mittal to buy 3.9% in Indiabulls' Singapore trust

Billionaire Lakshmi Mittal, the world's richest Indian, has committed to buy units equivalent to a 3.9 per cent stake in Indiabulls Properties Investment Trust, which is in process of listing in Singapore.

Mittal will purchase 91 million common units of IPIT at the offering price that will be determined through a book building process, but would "not be obliged to subscribe and pay" for any of the units if the subscription cost exceeds 100.1 million Singapore dollars (about 73 million US dollars).

Indiabulls Real Estate, part of diversified Indiabulls group with interests in financial services, power, retail and realty businesses, last week filed a prospectus with Monetary Authority of Singapore for an initial public offer of IPIT, estimated to raise about USD 300 million.

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The Economic Times article.

Indiabulls to invest Rs 10 bn in retail biz

Indiabulls Real Estate Ltd plans to invest 10 billion rupees to expand its retail business in the next 2-½ years.The real estate firm, which also houses the group's retail and power businesses, expects lease rentals of 10 billion rupees from two of its properties under development in Mumbai by the end of the next financial year.

The finance firm plans to launch its first mutual fund scheme by October.The Indiabulls group plans to focus on agri-based spot trading for its proposed commodity exchange, which is awaiting approval from the commodities market regulator.
Currently, all the three commodity exchanges only offer trading in futures.