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LN Mittal, Fallaron buy into Indiabulls power unit

LN Mittal, Fallaron buy into Indiabulls power unit
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First Published: Fri, Feb 15 2008. 10 37 AM IST
Mumbai: Steel magnate Lakshmi Mittal and hedge fund Farallon Capital Management have agreed to buy a total of 37.5 percent for about $400 million in a power unit of Indiabulls Real Estate, the Indian firm said on Friday.
Billionaire Mittal, who already owns 1.16% of Indiabulls Real, will buy 14.1 % through LNM India Ventures Ltd, while a unit of Farallon would hold 23.4% in Sophia Power Company, Indiabulls said.
It also said it was planning to merge Sophia Power with Indiabulls Power Services Ltd, a 100% subsidiary.
Subsequently, Farallon Capital will hold 17.9%in the merged entity and Mittal will own 10.7%, it said.
The company gave no further details, but the Economic Times said in an unsourced report the transaction valued Indiabulls Power Services at Rs55.25 billion ($1.4 billion).
The newspaper paper said Indiabulls Power planned to build power projects with a total capacity of 11,400 megawatts in several Indian states.
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First Published: Fri, Feb 15 2008. 10 37 AM IST
More Topics: Indiabulls | Stake | Mittal | Fallaron | Sophia Power |