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Big corporates are showing interest in buying Sahara’s properties

Picture Courtesy: Financial Express

Lucknow: Several companies including Tata, Godrej, Adani have shown interest in buying properties of Saharas, worth Rs 7400 crores.

The Financial Express has revealed that Chennai-based Apollo hospital is interested in taking over Sahara hospital, situated at Lucknow. It is believed that the sale’s process and the valuation may be impacted, due to the hasty decisions by them to get the money deposited.

An official of Sahara, has denied disclosing names of the buyers, but they have submitted the details to the supreme court, he added. Godrej Properties’ Executive Chairman Pirojsha Godrej and Omaxe’s CMD Rohtas Goel also are interested in some properties, for the growth of their business opportunities.

Eldeco’s Managing Director Pankaj Bajaj also added that they too are planning to buy some property but will not be able to disclose any further information. Knight Frank India said in response to the queries from PTI that they have received over 250 expressions of interests, which is an overwhelming result.

Some educational institutes have also submitted the EOIs and they have been shortlisted to quote their bids. Saharas are expecting to get all properties sold until June 17, worth Rs7400 crores.
The Supreme Court directed the sale of Sahara group’s Aamby Valley township in Lonavala, which is estimated to be worth over Rs 1 lakh crore and fears that a hurried sale will fetch loss.

The Sahara spokesperson said the group had committed to deposit an amount of Rs 10,500 crore by July-August 2017, including Rs 7,400 crore from sale of the 30 properties, but the court has asked to auction Aambey valley also, which may delay the process.
On February 28, the Supreme Court had allowed Sahara to sell certain properties after market regulator Sebi found it difficult to auction and they appointed an agency Knight Frank to carry out the sale. Ads were also published in several newspapers.

Sahara’s lawyer, Gautam Awasthy said that the group has deposited around Rs 12,000 crore in last four years, on an average of Rs 250 crores per month deposited in the SEBI-Sahara account.
He further told, “by any Indian corporate standard, Rs 250 crores every month for 4 years is a collosal amount and Sahara could have been appreciated for abiding by the court’s order.”
Sahara has already repaid over 93% of the liability to OFCD of the two companies — Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited.

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