Property developer Indiabulls Real Estate (IREL), a part of the Indiabulls Group, on Wednesday announced its plans to foray into the power, retail and telecom businesses.
IREL plans to open 30 stores in the initial phase which would sell household items in Tier-II and Tier-III cities of the country.On the 500 MW power project in North Maharashtra, Banga, Spokesman for IREL said the construction work would commence soon and the plant would go on stream in two years.Moreover, IREL has also applied for licences to launch telecommunication services in 22 regions of the country.
Meanwhile, in a filing to the Bombay Stock Exchange (BSE) today, IREL said it will issue 4.3 crore convertible warrants within the next 24 months to its three promoters and two Joint Managing Directors to garner Rs 2,322 crore to fund these proposed ventures.Company Chairman Sameer Gehlaut will invest Rs 1,080 crore and would be allotted two crore warrants, it said in its release.
Read more in The Economic Times article.
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