Indiabulls Real Estate enters into MoU with Zublin International GmbH

Indiabulls Real Estate Ltd has announced that the Company and Zublin International GmbH, a subsidiary of Strabag SE, have entered into a Memorandum of Understanding to consolidate their resources and experience and jointly work on large infrastructure development projects. They have also agreed to set up a Special Purpose Vehicle (SPV) to execute these projects.

Strabag Group is one of Europe’s leading construction groups with nearly 53,000 employees and a turnover of more than 10 billion Euros in 2006. The Group’s four main brands STRABAG, DYWIDAG, HEILIT+WOERNER and ZUBLIN stand for expertise and competence, client orientation and reliability.

The stock was trading at Rs.378.10, up by Rs.19.85 or 5.54%. The stock hit an intraday high of Rs.386.50 and low of Rs.365. The total traded quantity was 1880487 compared to 2 week average of 2472619.

Source : Equity Bulls

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