Torrent Pharma to buy controlling stake in JB Chemicals from KKR for Rs 25,689 crore
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Time of India
3 hours ago
- Time of India
Welspun bids the most for Lavasa Corporation; Lodha Developers, Jindal Steel and Power Group in fray, too
Lavasa Corporation, India's first private hill town project, is up for sale again. Creditors aim to recover their dues. Six takeover bids have been submitted, ranging from ₹500 crore to ₹850 crore. Welspun Group placed the highest bid. Other bidders include Ashdan, Pride Purple, Macrotech Developers, DB Corp subsidiary Valor, Jindal Steel and Power Group, and Yogayatan Group. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Lavasa Corporation , once touted as India's first private hill town project, has received six takeover bids-ranging from ₹500 crore to ₹850 crore-as creditors try to sell the debt-laden entity for a second time to recover their dues. The Welspun Group , through a subsidiary, placed the highest bid of ₹850 crore, including ₹150 crore of process costs, documents accessed by ET bidders include Pune-based developers Ashdan and Pride Purple, Macrotech Developers (now Lodha Developers), DB Corp subsidiary Valor, Jindal Steel and Power Group, and Mumbai-based Yogayatan Group. Details accessed by ET show that Ashdan and Pride Purple have placed a combined bid aggregating to ₹843 crore. The payment timelines for the bids are five to nine be sure, most of the bids are conditional to the project receiving environmental clearance from the Maharashtra government-the primary reason it slipped into distress."Only Yogayatan has no preconditions on environmental clearance," a person aware of the details told ET. "Its bid at around ₹800 crore is also strong. Remains to be seen if lenders want to negotiate more."Another person in the know said conditional bids are unacceptable under the National Company Law Tribunal 's debt resolution process. "The committee of creditors (CoC) will have to meet and seek an alternative," the person sent to EY-backed resolution professional Udayraj Patwardhan and process advisor to lender BoB Capital Markets did not elicit any response. Lenders are grappling with litigations on this distressed debt as they try to find a buyer for a second time after junking the previous attempt last year. Even at ₹850 crore, the highest bid received, the total recovery is less than 13% of dues of over ₹6,642 crore, after more than seven years of NCLT had in July 2023 approved a resolution proposal from Darwin Platform Infrastructure (DPIL) submitted in December 2021, offering total payout of ₹1,814 crore to lenders over eight years and promising to deliver fully constructed houses to 837 Mumbai bench of NCLT called off the resolution plan after a full year of hearing in September last year, noting that DPIL failed to make the ₹100-crore upfront payment without any justifiable reasons. Tribunal allowed revival of resolution process and let CoC to exclude the period from July 13, 2021, to January 3, 2022, from resolution process. Lavasa was promoted as India's first privately built and managed city at the turn of the century, targeting rich urban natives from Mumbai and Pune wanting to escape the noise and pollution of cities.
Time of India
3 hours ago
- Time of India
India working on plan to counter Pakistan's July UNSC presidency
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India is putting in place a strategy to highlight its economic prowess, its attractiveness as a global investment destination and contribution towards the UN Sustainable Development Goals while also underlining its problem of cross-border terror , as Pakistan prepares to take on the presidency of the UNSC in in the know told ET that while Pakistan is expected to try and build a narrative on Kashmir and internationalise it through an open debate during its presidency and hold the Organisation of Islamic Cooperation (OIC)-UN meeting in July, India will focus on its economic success and organise a photo exhibition that showcases the human costs of affairs minister S Jaishankar, who will be on a visit to the US for Quad foreign ministers' meeting, will inaugurate the photo exhibition in New United Nations Security Council will hold an open debate on July 22 on maintenance of international peace and security; promoting peace and security through multilateralism and the peaceful settlement of disputes, ET has will participate as this is an open debate. A meeting is planned on July 24 on cooperation between the UN and OIC. Other events are planned in UNSC throughout the month, including on the West Asia events are planned through July to showcase India's success story while Pakistan continues to parrot its decades-old version on Kashmir, according to a person who did not wish to be Bery, vice chairperson of government policy think tank Niti Aayog, is expected to travel to New York in July to be part of programmes on economic growth story that India will be organising at the UN, including on UN has achieved a significant milestone by entering the top 100 countries in the UN SDG Index for the first time, ranking 99th out of 167 nations with a score of 67.
Time of India
3 hours ago
- Time of India
Why Australia is taking only 280 people a year from Tuvalu, even as one third want to flee
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