Indiabulls Real Estate Ltd plans to invest 10 billion rupees to expand its retail business in the next 2-½ years. Mr. Gagan Banga, Group spokeman said that the real estate firm, which also houses the group’s retail and power businesses, expects lease rentals of 10 billion rupees from two of its properties under development in Mumbai by the end of the next financial year.
Mr. Banga, also the Chief Executive Officer of Indiabulls Financials Services Ltd, said that the finance firm plans to launch its first mutual fund scheme by October. Mr. Banga further said that the Indiabulls group plans to focus on agri-based spot trading for its proposed commodity exchange, which is awaiting approval from the commodities market regulator.
