This long-awaited merger, which has been under consideration for five years, faced several hurdles, including concerns raised by the income tax department. However, the NCLAT ultimately dismissed these concerns and greenlit the deal. Last year, Indiabulls Real Estate rebranded as Equinox India Developments after receiving a substantial investment of Rs 3,911 crore from a consortium led by Embassy Group, Blackstone Real Estate Fund, and Baillie Gifford & Co. This capital infusion was facilitated through a preferential allotment of shares. Embassy One, the first residential project launched by Equinox under the Embassy brand, is a testament to this new chapter. Located in Thane, Mumbai, this development comprises 186 luxury apartments, each priced at R s1 crore and above. The merger will see Embassy Group, a leading real estate developer with a strong presence in the IT/ITES sector, expand its operations into key markets like Mumbai and Delhi-NCR. This move is expected to unlock significant value for both companies and position them for further growth in the competitive Indian real estate market. Embassy Group, known for its high-quality developments and innovative approach, will now lead the merged entity. Equinox India Developments is one of the largest real estate company with a Gross Development Value of Rs 32,189 crore, and with 15 on-going projects with total saleable area of 33.91 million sq. ft. under its wing. Further it has commercial development with a leasable area of 3.15 million sq.ft. under construction. Additionally the company has a land bank of 1,046 acres and also possesses 2,588 acres of SEZ land at Nasik, Maharashtra. In July of 2014, Equinox India Developments acquired the prime property, 22 Hanover Square in Central London for Rs 1630 crore. On a consolidated basis, Equinox India Developments reported net profit of Rs 24.06 crore in Q2 September 2024 as against net loss of Rs 18.43 crore in Q2 September 2023. Net sales rose 155.26% to Rs 245.97 crore in Q2 September 2024 over Q2 September 2023. The board of Equinox India will consider Q3 results on 10 January 2025. Powered by Capital Market - Live News |