Indiabulls Real Estate arm buys realty firm

Indiabulls Real Estate, the realty arm of Indiabulls group, has said that Indiabulls Infrastructure (IIL), a subsidiary of the company, has acquired 100% shareholding of Catherine Builders and Developers (Catherine) from DLF Home Developers.

Catherine owns 50% shareholding of Kenneth Builders & Developers (Kenneth), which had earlier won the auction by DDA to develop a residential project on 35.8 acres of land located at Tehkhand in South Delhi.

The remaining 50% shareholding of Kenneth is owned by Bridget Builders & Developers, a wholly-owned subsidiary of IIL.

With this acquisition, IIL now owns 100% stake in Kenneth through wholly-owned subsidiaries.