Indiabulls Financial Services arm gets nod for SEZ

Mumbai, Nov 6 (UNI) Indiabulls Infrastructure Development Ltd, a wholly owned subsidiary of Indiabulls Financial Services, focused on development of large scale infrastructure projects, has received an 'in-principle' approval from Department of Commerce (SEZ), Union Ministry of Commerce&Industry for development of a multi-product Special Economic Zone (SEZ) in Maharashtra.

The company's release said Indiabulls has posted a 59.2 per cent rise in net profit after tax and exceptional items to Rs 30.63 crore for the quarter ended September 30, 2006, as compared to Rs 19.24 crore for the quarter ended September 30, 2005.

During the quarter under review, the company's total income has increased by 27.56 per cent to Rs 69.56 crore for the quarter ended September 30, 2006, from Rs 54.53 crore for the quarter ended September 30, 2005.

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