Indiabulls Power Services, a subsidiary of Indiabulls Real Estate will set up a 2640 MW power project in Madhya Pradesh. However, the financial details were not disclosed. In a filing to the Bombay Stock Exchange, Indiabulls Real Estate said the subsidiary has entered into a Memorandum of Understanding (MoU) with the Madhya Pradesh Government. The power project would be set up in two stages of 1,320 MW each. According to the MoU, the government would facilitate and extend "all reasonable help and assistance to IPSL for setting up the project."
Shares of Indiabulls Real Estate closed at rs 299.65, up 13.48 per cent on the BSE.