New Delhi, Nov 9 (PTI) Indiabulls Real Estate Ltd (IBREL) on Tuesday announced appointment of Kulumani Gopalratnam Krishnamurthy as its non-executive chairman with effect from February next year.

Krishnamurthy, former Managing Director & CEO of HDFC Property Ventures, has been appointed as an independent director with an immediate effect.

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In a regulatory filing, IBREL informed that the board of directors has appointed Krishnamurthy as an independent director for an initial term of three years with effect from November 9.

He will be designated as non-executive chairman of the company with effect from February 1, 2022.

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Krishnamurthy is an alumnus of IIT - Kharagpur with management degree from Jamnalal Bajaj Institute of Management, Mumbai.

He has a vast experience of over three decades in the real estate sector.

In October, IBREL announced the resignation of Sameer Gehlaut as non-executive director and chairman of the company with effect from December 31.

Mumbai-based IBREL had said Gehlaut would now focus on Dhani Services Ltd.

The resignation of Gehlaut came amid the proposed merger of IBREL projects with Bengaluru-based Embassy Group.

After the conclusion of the merger process, Embassy Group will become the main promoter.

Embassy Group has around 14 per cent stake in IBREL and the same will increase to 45 per cent after the merger of assets of these two companies.

Post-merger, the combined entity will have 80.8 million square feet of launched and planned development potential. The merged entity will have about 30 projects.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)