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.

New Delhi, Feb28, : Following are some of the key highlights of the Economic Survey 2008-09 tabled by Finance Minister P Chidambaram in Parliament today.

Economy moves decisively to higher growth phase

Economic growth in 2007-08 projected at 8.7 per cent

Overall inflation projected to decline from 5.6 per cent in 2006-07 to 4.1 per cent in 2007-08

Acceleration in domestic investment and savings rates

Buoyant growth in Government Revenues

Investment climate full of optimism

Mauritius-based hedge fund DE Shaw Composite Investments (Mauritius) has invested around $250 million in Mack Star Marketing, a group company of realty developer HDIL.

Chennai-based FMCG major CavinKare announced that it has forayed into the south by gett

Jalandhar, Feb.

Shasun Chemicals & Drugs Ltd has signed up a non-exclusive licensing contract with Merck & Co Inc.