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Sobha Developers + IndiaBulls Real Estate

October 3, 2007

Sobha Developers has entered in to a joint development agreement with QVC Realty and Chintels India, to develop an integrated township spread over 192 acres in Gurgaon, Haryana. This is an addition to the list of integrated township projects already launched by the company in Kochi and Thrissur.

Projected investment estimated to be over Rs 20,000 million and the total development in excess of 6.5 million square feet.

US-based private equity fund Goldman Sachs is learnt to be in talks with Indiabulls Real Estate (IREL) for investing $200 million (around Rs 800 crore).

Insiders told us that half of the proposed investment, around Rs 400 crore, could be in a 50:50 special purpose vehicle (SPV) to be floated by Goldman Sachs and parent firm Indiabulls, while the remaining Rs 400 crore could be in IREL’s existing projects.

Indiabulls Group is also looking to diversify into sectors like power, retail and telecom. The group has already applied for mobile licences.

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