Indiabulls to invest 10 bn rupees in retail biz

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Mumbai, May 9: Indiabulls Real Estate Ltd plans to invest 10 billion rupees to expand its retail business in the next 2-½ 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 10 billion rupees 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.