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Indiabulls to invest Rs10 bln retail biz

Indiabulls to invest Rs10 bln retail biz
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First Published: Fri, May 09 2008. 02 59 PM IST
Updated: Fri, May 09 2008. 02 59 PM IST
Reuters
Mumbai: Indiabulls Real Estate Ltd plans to invest Rs10 billion to expand its retail business in the next two years, a top official told Reuters in an interview late Thursday.
The real estate firm, which also houses the group’s retail and power businesses, expects lease rentals of Rs10 billion from two of its properties under development in Mumbai by the end of the next financial year, Gagan Banga, group spokesman said.
Banga, also the Chief Executive Officer of Indiabulls Financials Services Ltd, said the finance firm plans to launch its first mutual fund scheme by October.
“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,” Banga said.
Currently, all the three commodity exchanges only offer trading in futures.
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First Published: Fri, May 09 2008. 02 59 PM IST