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INDIABULLS REAL ESTATE NET DEBT DOWN 54%, MERGER The total cost of development expected to be around `200 crore
WITH EMBASSY GROUP UNDERWAY and will provide infrastructure amenities like STP plant, underground
Indiabulls Real Estate has cut its net debt by 54% to Rs 464 crore water tank, paved roads, street lights, electricity connection and
during the three months ended June, compared to the March dedicated site for children play area, dedicated in-park senior CONSTRUCTION
quarter. Besides, the merger with the Embassy Group is in the citizen activity area, badminton court, cricket pitch, jungle gym
final stage of the National Company Law Tribunal (NCLT) review, along with community centre. “It is being developed with world-
the company said in its investor presentation. Its net debt stood class amenities that assure a quality lifestyle and environment
at `464 crore at the end of June quarter, as against `1,005 crore without compromising on the eco-friendly benefits. The plots are
as on March 31, 2022. Its gross debt fell to `739 crore from `1,310 being sold within an affordable price range and also provide
crore. On the operational front, the company’s sales bookings fell customised home solutions. We will be coming up with many
to `297 crore in the first quarter of this fiscal year, from `350 crore such projects in the future as well to deliver on the Haryana
in the corresponding period of the previous year. government’s vision to complete 1 lakh affordable housing
In April, IBREL had raised `865 crore by issuing shares to institutional projects in the state,” said Totlani.
investors mainly for land acquisition and debt reduction. MKS Ventures is working for commercial and residential projects
In August 2020, Embassy Group entered into a definitive including MKS Shiva Market in Pitampura North Delhi, MKS HUB
agreement to merge its certain residential and commercial Socio-Culture Centre in Rohini North Delhi and MKS County
projects with IBREL through a cashless scheme of amalgamation. Plotted Residential Project on Delhi-Mumbai Expressway in South
Embassy Group will become the promoters of the merged entity. of Gurugram in Haryana.
Merger with Embassy in the final stages of NCLT review and the next
hearing in Chandigarh is scheduled on September 8, 2022, IBREL ADANI’S ALUMINA PROJECT AMONG `75K CRORE
said. The proposed scheme for amalgamation of NAM Estates PLANS GET APPROVAL BY ODISHA GOVERNMENT
and Embassy One Commercial Property Developments into the The Odisha government recently accorded in-principle approval
IBREL is underway, it added. In February 2021, the Competition to 10 major industrial projects worth `74,620.18 crore, including
Commission of India (CCI) had approved the proposed merger Adani Enterprises Limited Alumina Refinery, which will generate
of Embassy Group firms, NAM Estates Pvt Ltd and Embassy One employment opportunities for over 24,047 people in the state.
Commercial Property Developments Pvt Ltd, with IBREL. The projects which got the state government’s nod at the High-
Embassy Group has around 14 per cent stake in IBREL and the Level Clearance Authority Committee meeting chaired by Chief
same will increase to 45 per cent after the merger of assets of Minister Naveen Patnaik, were mostly in green hydrogen and
these two companies. Post-merger, the combined entity will have green ammonia, metal and metal downstream, and infrastructure
80.8 million square feet of launched and planned development sectors. The 10 mega projects include Goutam Adani-led Adani
potential. The merged entity will have about 30 projects. Enterprises Limited’s plan to invest `41,653 crore investment for
Under the terms of the agreement, IBREL’s shares are valued at setting up a 4.0 MTPA Alumina Refinery and 175 MW CPP Plant
`92.5 per share. Last week, the company reported consolidated at Kashipur in Rayagada district. The project will generate
net loss of `51.95 crore for the quarter ended June on lower employment opportunities for over 7,750 people.
income. Its net profit stood at `4.76 crore in the year-ago period. The committee also approved the proposal of ReNew EFuels
Total income fell to `164.18 crore in the April-June quarter from Private Limited (REFPL) to set up green hydrogen (capacity: 20
`532.03 crore in the corresponding period of the previous year, KTPA), green ammonia plant (capacity: 100 KTPA) in Paradip,
according to a regulatory filing. Jagatsinghpur district, at an investment of `2,000 crore which will
generate employment opportunities for 2,000 persons.
MKS VENTURES INVESTS `200 CRORE IN THE GROUP’S
FIRST RESIDENTIAL PLOTS IN SOHNA, SOUTH GURUGRAM KOLTE-PATIL DEVELOPERS ACQUIRES 2.5-MILLION-SQ-FT
NCR based real estate developer MKS Ventures will invest `200 RESIDENTIAL PROJECT IN PUNE
crore in developing group’s first residential plots in Sector-2, Sohna, Listed realty developer Kolte-Patil Developers has acquired a
South Gurugram. Three side open land parcel is spread across a residential project with development potential of 2.5 million sq ft
total of 12.125 acres, and has been constructed under the DDJAY in Pune’s Kiwale locality through buyout of a company Sampada
scheme. Located in a prime real estate corridor, MKS County Realities. The transaction entails the acquisition of around 85%
residential plot project, is connected to Gurugram-Sohna Highway, equity shares in Sampada Realities on an immediate basis, while
which ensures excellent connectivity to all quarters of the Delhi- the balance 15% stake will be acquired in due course.
NCR region like Rajiv Chowk, Delhi Airport, MG Road. With this transaction, Kolte-Patil Developers has committed an
The residential plots are of varying sizes, from 127 sq yards to 179 sq aggregate total investment of over `120 crores to be paid over a
yards and can be built up to 4 floors (stories) for residents looking period of time. The company is planning to launch the first phase
for large living spaces along with stilt area for parking. of the project in the current quarter. Sampada Realities has one
“The MKS County project has been conceived to provide residential real estate project on around 25 acres of land parcel at
premium affordable housing and a plot living project to millions Kiwale in Pune to be developed in a phased manner. The project
of homebuyers. They will be at the end of various benefits as the has already secured all the required regulatory approvals.
project has been covered under the DDJAY scheme,” said Sunil The development represents a revenue opportunity of over `1,400
Totlani, Director, MKS Ventures. crores for Kolte-Patil. This acquisition is expected to help further

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