Indiabulls may sell realty biz to Blackstone; SoftBank may invest $2-3 bn in Jio
Photo Credit: Reuters

The Indiabulls Group plans to exit its real estate business and has approached realty player Godrej Properties and its joint venture partner Blackstone to offload its stake, a report in The Economic Times stated.

By selling off its real estate business, Indiabulls hopes to receive the regulatory go-ahead to merge its mortgage lender Indiabulls Housing Finance with private-sector lender Lakshmi Vilas Bank, said the report.

Indiabulls is already in advanced stages of discussions with Blackstone, ET reported, citing one person in the know.

Further, Indiabulls’ promoters may sell their stake to Blackstone, while Godrej may partner with two private equity funds to buyout the promoters, the report stated.

SoftBank eyes Reliance Jio

Japanese internet conglomerate SoftBank, via its $100-billion Vision Fund, may invest $2-3 billion in Mukesh Ambani’s telecom business Reliance Jio Infocomm, a report by ET Now stated.

The deal is currently at the due diligence stage, said the report.

RIL’s stock rose 0.93% higher to Rs 1,376.05 share apiece on the Bombay Stock Exchange in early morning trade.

The development comes a week after state oil giant Saudi Aramco said it was in talks to buy a minority stake in the refining and petrochemicals businesses of Reliance Industries Ltd.

RIL has been on an acquisition spree this year as it looks to expand its businesses from its mainstay of oil and gas to other areas to boost its digital operations.

Early this month, it agreed to acquire an 87% stake in artificial intelligence-based conversational platform Haptik Inc.

Its other digital investments this year include hyperlocal logistics company Grab, software firm C-Square, vernacular language services platform Reverie, welfare schemes platform EasyGov and software services firm SankhyaSutra Labs.

Essel to sell three toll roads

Media baron Subhash Chandra-led Essel Group is in talks with Singapore-based roads operator Cube Highways & Infrastructure Pte. Ltd and Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) to sell off three of its toll roads, business daily Mint reported citing three persons in the know.

The debt-laden Essel Group would receive Rs 1,500 crore from the sale, one of the persons mentioned above told Mint.

While Essel wanted to sell six of its assets, Cube Highways and CDPQ want to buy only three to four assets and have set their sights on the group’s toll road projects. The two other assets are annuity roads, the report said, citing the person mentioned above.

Cube Highways and CDPQ are conducting due diligence on the firm’s road tolls, the report added.

The sale will provide a much-needed reprieve for the Essel Group which has been under pressure due to high debt and is looking to sell stakes in several businesses including in Zee Entertainment Enterprises Ltd.

Leave Your Comment(s)