Indiabulls Looking Forward to Seal a Commercial deal with Peer Embassy to Ensure Novel Breakthroughs amidst Global Pandemic
Further in real estate industry as it strives to sustain amidst tremendous catastrophic impact of COVID-19 pandemic, some front-end leaders such as Indiabulls Real Estate is contemplating novel business propositions and commercial agreements with industry veterans.
In this regard, Indiabulls is touted to engage in commercial agreements with Embassy Group to merge its existing projects with the latter’s and the companies are expected to make a final revelation soon with a mutually agreed documentation.
The announcement is preceded by a similar one made early this year when Indiabulls affirmed its inclination to merge some of its ongoing, completed as well as pipeline projects with Embassy.
However, with unprecedented outbreak of COVID-19 the initial pans were shelved which are likely to witness fresh start in the foreseeable future.
Ina recently made statement by Indiabulls Real Estate official, the sudden outrage caused by COVID-19 has reflected negatively on the holistic growth of real estate, also echoing in the same lines is the dismal performance records of Indiabulls Real Estate.
The stringency in regulatory format to limit physical mobility has had its share of serious implications on the performance of the company as well as its commercial agreements.
Things however seemed to take a favorable turn as government directives to partially ease lockdown norms have visibly accelerated the company’s efforts towards the previously agreed agreement with Embassy and both the companies made efforts towards the final seal.
Relevant spokespersons from the companies also revealed the companies’ decision to make a formal presentation and announcement of this merger liable to subsequent approval by a team of directors representing both the companies.
Besides this proposed merger deal, the companies had previously engaged in similar businesses last year when Indiabulls Real Estate successfully made a sale of approximately 14% of its stake to Embassy Group with the help of open market transactions.
The deal was worth over 950 crores as Indiabulls decisively aspired to cement its footing in the financial offerings realm rather than real estate ventures.