Valor Estate, formerly DB Realty, has emerged as the highest bidder for Lavasa Corporation, offering ₹771.09 crore. The selection followed a competitive bidding process with ten rounds, but the deal hinges on environmental clearances, a crucial factor for lenders wary of past experiences. The committee of creditors will negotiate further and decide on the next steps. Source link...
Adani Group has placed an unconditional bid of ₹12,600 crore for Jaiprakash Associates amidst its insolvency resolution. Other contenders like Dalmia Bharat, Vedanta, and Jindal Power have submitted bids contingent on the resolution of a land dispute. The committee of creditors has urged all bidders to revise their financial offers for the Jaypee Group flagship firm. Source link...
A bench of Justices P S Narasimha and R Mahadevan, however, said the substitution of the property would be subject to nine conditions as suggested by ED. Source link...
IL&FS has filed a plea seeking to reverse the sale of its iconic BKC building to Brookfield, alleging non-compliance with bid conditions. The insolvent financier claims Brookfield's unit, Chronos, failed to renew a ₹108-crore performance guarantee, rendering the letter of intent invalid. This move comes as commercial property values in BKC have risen, potentially making Brookfield's initial offer...
The new rules and guidelines would give property owners the opportunity to create more usable space on a piece of land. Officials said more than 1,000 objections and suggestions were disposed of, and some were considered before preparing the final draft. Source link...
JSW Group has secured ₹9,300 crore to acquire Akzo Nobel India. The funding includes debt and convertibles. Foreign lenders and domestic mutual funds are participating. JSW Paints will raise operating company debt. Convertibles are at the JSW Group level. Sajjan Jindal Family Trust sold a stake in JSW Infrastructure. The deal aims to make JSW Paints India's fourth-largest paint company. Source link...
Chief Justice Sheel Nagu of the Punjab and Haryana High Court has recused himself from hearing a plea by M3M's Roop Bansal to quash a corruption case. This follows the withdrawal of the case from a single judge after complaints, despite the judge having reserved judgment. Source link...
YEIDA has issued a final ultimatum to Greenbay Infrastructure, demanding the payment of ₹118 crore by July's end. Failure to comply will result in the cancellation of land allotment for their 100-acre township in Sector 22D. Source link...
The Enforcement Directorate (ED) uncovered a financial fraud exceeding Rs 100 crore by Debock Industries Ltd, whose owner was investing the illicit proceeds in real estate ventures, including resorts for destination weddings near Chaksu. Source link...
NPCI has acquired a 1.5-acre land parcel in Mumbai's BKC from MMRDA for Rs 829.43 crore to establish its headquarters. The 80-year lease will allow NPCI to construct a 16-story office building, consolidating its operations and supporting digital payment innovation. This deal highlights BKC's importance as a financial hub and reflects strong demand for commercial real estate. Source link...