Indiabulls to enter retail, power and telecom biz
Indiabulls to enter retail, power and telecom biz Indiabulls Real Estate (IREL), a part of the Indiabulls Group, announced its plans to foray into the power, retail and telecom sectors, reports agency source. The Group plans to spend Rs 15 billion to foray into the wholesale retailing business and Rs 5 billion to put up a 500 MW power plant in the Nasik SEZ for captive use. It is looking at opening 30 stores in the initial phase which will sell household items in Tier-II and Tier-III cities of the country. IREL has also applied for licences to launch telecommunication services in 22 regions of the country. >IREL said it will issue 430 m illion convertible warrants within the next 24 months to its three promoters and two joint managing directors to garner Rs 23.22 billion to fund these proposed ventures.
Shares of the company gained Rs 41.95, or 7.32% to end at Rs 615.15. The total volume of shares traded was 3,701,799 at the BSE.(Wednesday).
