In a contradictory move to separate two unrelated business & merging other unrelated business, Indiabulls Integrated Services announced a group restructuring involving 11 companies by demerging and transferring its Infrastructure Solution Business to the new company.
Indiabulls Integrated Services (IISL) is directly and through its subsidiaries, primarily engaged in the businesses of real estate development, providing management and maintenance services, construction advisory and other related services, charter business of aircraft, trade in all kinds of sculptures, paintings and art graphics, etc. The shares of the company are listed on BSE & NSE.
IISL has recently acquired non-operational Indiabulls Life Insurance Limited (ILIL) from its group company and has incorporated Indiabulls General Insurance Limited (Together referred as “Insurance Business”). ILIL has received preliminary acceptance from IRDAI.
SORIL Infra Resources (SORIL) is engaged in the business of equipment renting, LED lighting, management and maintenance services, construction advisory and other related and ancillary activities. Recently it acquired Littleman Fiscal Services Prive Limited to foray into the financial services business. Listed on BSE & NSE, it is a subsidiary of IISL in which IISL holds 64.7%.
Indiabulls Pharmaceuticals (IPL), established in 2016 is a promoter company engaged in pharma business and health advisory business.
Indiabulls Enterprises Limited (IEL) & Indiabulls Pharmacare Limited (IPCL) are the companies formed for the purpose of this scheme. IPCL is a wholly owned subsidiary of IEL.
Other companies involved in the restructuring are Albasta Wholesale Services Limited (AWSL), Sentia Properties Limited (SPL), Lucina Infrastructure Ltd. (LIL), Ashva Stud and Agricultural Farms Limited (ASAFL), Mahabala Infracon Pvt. Ltd. (MIPL) are wholly owned subsidiaries of the IISL while Store One Infra Resources Ltd. (Store Infra) is WoS of SORIL having negligible business.
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