Adani Group Seeks Court Approval to Acquire 87 Sahara Properties
Indian billionaire Gautam Adani's property arm is seeking court approval to acquire 87 properties, including hotels and malls, from the distressed Sahara Group. This move could significantly bolster the conglomerate's relatively small business.
The domestic Sahara Group is seeking to sell hotels, shopping centres, residential and office buildings to raise funds to repay billions of dollars to investors. These funds were invested in a bond scheme that was later ruled illegal. Adani is aiming to buy all of these assets, as stated by his lawyer Mukul Rohatgi during a hearing at the Supreme Court on Tuesday.
Rohatgi did not disclose the amount Adani is offering for the properties. The Supreme Court has requested views from government agencies on the proposal and will next hear the case in November. Adani Group and Sahara did not respond to emails seeking comment.
Sahara Group, once the sponsor of India's national cricket teams, is due to repay nearly $2.82 billion to investors. The group previously owned prestigious properties such as New York's Plaza Hotel and the Grosvenor House in London. Adani Properties, the unlisted arm of the power-to-coal conglomerate, is currently redeveloping Asia's densest slum, Dharavi, in Mumbai.
One of Sahara's marquee properties is the 9,000-acre luxury township, Aamby Valley, situated near Mumbai. This township features an airstrip, golf course, man-made lakes, and luxury villas. A source with direct knowledge of Adani's planning revealed that the Sahara portfolio would provide Adani access to a significant land bank, as the list of properties includes various land parcels.
It also helps Adani get into the hospitality sector, as the luxury hotel Sahara Star and Aamby Valley are included in the proposed acquisition. This strategic move could position Adani as a major player in both the real estate and hospitality industries.
