Indiabulls Real Estate has carried out a definitive agreement with Blackstone Group, to sell its commercial assets in Chennai for Rs.850 crore.

In a BSE filing the company stated, “…The company’s board constituted committee has today authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P…by which the company will divest its 100 percent stake in the business of commercial assets at Ambattur, Chennai.”

Further, the company stated that, subject to satisfaction of closing conditions, the transaction is expected to be completed in tranches by September 30, 2019.

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