New Delhi, Feb 28: The Economic Survey 2007-08 says that the 9.2 per cent growth achieved during April to November 2007 by the industrial sector, when seen against the backdrop of the robust growth during the preceding four years suggests that the buoyancy in this sector has continued, though with a degree of moderation.
The first eight months of the current fiscal witnessed a moderate slowdown in the growth of the industrial sector, which has mainly been on account of the manufacturing sector.
The mining and quarrying sector grew at a faster pace, while the growth in electricity remained unchanged from April-November 2006.
Indiabulls Real Estate (IBREL) has announced that its board had sanctioned its plan to acquire 100% stake in Dev Property Development in a 138- million-pound sterling (10.9 billion rupees) share-swap deal.
Dev, an entity listed on Alternate Investment Market of London Stock Exchange, is promoted by the Indian property developer and owns stakes in various Indiabulls’ projects in India.
Indiabulls Real Estate will issue its individual shares to Dev’s investors that comprise Farallon Capital, Fidelity, Govt of Singapore and Citigroup.
Dev Property concentrates on investment in commercial realty developments and Information Technology Enabled Services (ITES) and residential real estate developments in Tier 1 cities in India including Mumbai.