Adani Gets ₹400 Crore Foothold In Heart Of Delhi
Adani Gets ₹400 Crore Foothold In Heart Of Delhi
Wins bid for 3.4 acre housing property near Mandi House

Business conglomerate Adani group has won a bid to acquire Aditya Estates Pvt Ltd, which holds a posh 3.4-acre residential property near Mandi House in the heart of the national capital, through an insolvency process for a total deal value of Rs 400 crore.

The Delhi-based principal bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Adani Properties to acquire Aditya Estates for Rs 265 crore. Another Rs 135 crore would go towards meeting the statutory charges, taking the total deal value to Rs 400 crore. The Committee of Creditors (CoC) of Aditya Estates led by ICICI Bank had already approved by 93.01 percent vote share, Adani's Rs 400 crore offer, which includes an upfront payment of Rs 265 crore.

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February 24, 2020