Creditors of Lavasa township receive two new bidders
Real Estate

Creditors of Lavasa township receive two new bidders

Lavasa township, controlled by Hindustan Construction Company (HCC), has received two more bids for its Rs 6,000 crore loans outstanding in the third round of bidding for the debt-laden company.

According to the sources, two bids from Alchemist ARC, president of the company, Srishti Dhir, along with Madhav Dhir, and the Darwin Projects are being considered by the lenders. Srishti confirmed that she had bid in her capacity in association with Madhav.

The bid amount of Darwin Projects is Rs 750 crore, while Dhir’s have a bid amount of Rs 550 crore, and the bids are at 88% and 91%, respectively. The upfront cash offered by the bidders is less than Rs 100 crore, which is less attractive for the creditors.

The lead lender of the project is Union Bank of India (UBI), with an outstanding loan of Rs 600 crore. Other lenders are Bank of India, State Bank of India (SBI), Axis Bank, and Punjab National Bank. Creditors include L&T Finance along with asset reconstruction companies, Arcil, Acre, and Edelweiss.

In 2018, due to multiple pullbacks by the bidders, the lenders were frustrated because the account was taken to the National Company Law Tribunal (NCLT).

In November 2020, three bids were considered, including a Pune-based realty developer, Anirudh Deshpande, and a Dubai-based fund. Previously, Haldiram Snacks and Oberoi Realty pulled back due to Covid-19 uncertainties.

Dhir acknowledged the challenges of the project but has confidence that she can work with the company to clear the issue. Dhir also plans to launch a hotel in partnership with a renowned company.

Image Source


Also read: Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids

Lavasa township, controlled by Hindustan Construction Company (HCC), has received two more bids for its Rs 6,000 crore loans outstanding in the third round of bidding for the debt-laden company. According to the sources, two bids from Alchemist ARC, president of the company, Srishti Dhir, along with Madhav Dhir, and the Darwin Projects are being considered by the lenders. Srishti confirmed that she had bid in her capacity in association with Madhav. The bid amount of Darwin Projects is Rs 750 crore, while Dhir’s have a bid amount of Rs 550 crore, and the bids are at 88% and 91%, respectively. The upfront cash offered by the bidders is less than Rs 100 crore, which is less attractive for the creditors. The lead lender of the project is Union Bank of India (UBI), with an outstanding loan of Rs 600 crore. Other lenders are Bank of India, State Bank of India (SBI), Axis Bank, and Punjab National Bank. Creditors include L&T Finance along with asset reconstruction companies, Arcil, Acre, and Edelweiss. In 2018, due to multiple pullbacks by the bidders, the lenders were frustrated because the account was taken to the National Company Law Tribunal (NCLT). In November 2020, three bids were considered, including a Pune-based realty developer, Anirudh Deshpande, and a Dubai-based fund. Previously, Haldiram Snacks and Oberoi Realty pulled back due to Covid-19 uncertainties. Dhir acknowledged the challenges of the project but has confidence that she can work with the company to clear the issue. Dhir also plans to launch a hotel in partnership with a renowned company. Image Source Also read: Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids

Next Story
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?