Indiabulls plans realty foray

Indiabulls Financial Services has invested Rs 40 lakh in a new company, Indiabulls Properties (IPPL) for a 40% stake, and the remaining 60% will be held by FIM, a company incorporated in Mauritius.

This was announced in a release issued by Indiabulls to the BSE today.

The company has also incorporated a wholly-owned subsidiary, Indiabulls Investment (IIPL), with a paid-up share capital of Rs 5 lakh.

IIPL will make investments across different asset classes, including all forms of movable and immovable properties.

"The main object of IPPL is to engage and participate in the construction and development of immovable properties. The company proposes to make further investments in IIPL and IPPL when the two companies actively pursue opportunities in their respective lines of businesses," the release said.