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Time of India
a day ago
- Business
- Time of India
Bank of Baroda top bidder in Jet Airways BKC office insolvency auction
In a significant development under the ongoing Jet Airways insolvency proceedings, public sector lender Bank of Baroda has emerged as the highest bidder for the airline's 83,000 sq ft office space in commercial tower Godrej BKC in Mumbai 's business district Bandra-Kurla Complex , said people familiar with the development. The bank has placed a bid of Rs 370 crore, outpacing other contenders in the auction held under the Insolvency & Bankruptcy Code (IBC), 2016. Last month, a government-appointed liquidator had put an entire office floor owned by the defunct aviation company in this tower on the block with a reserve price of Rs 335.24 crore. Following this, the liquidator is now expected to inform global alternative investment major Brookfield Asset Management that holds the right of first refusal (ROFR) with a 15-day period to match the highest bidder if it intends to acquire the property. According to sources, Brookfield is likely to exercise the ROFR for the property. In 2020, as part of Jet Airways ' insolvency proceedings, Brookfield had acquired the company's two office floors in the building for Rs 490 crore. These offices are currently occupied by marquee tenants including World Bank and PayPal. The transaction involved around 180,000 sq ft office space spread across the third and fourth floors, along with rights to 138 car parking spaces. Brookfield holds the ROFR for this additional office space too as part of the agreement entered then. The currently vacant office on the second floor of the commercial tower was sealed by the Municipal Corporation of Greater Mumbai owing to unpaid dues. On April 28, the National Company Law Tribunal (NCLT) ordered the civic body to de-seal the property and halt recovery actions. The asset is being sold on an 'as is where is' basis under the IBC and all applicable taxes, dues and transfer charges will be borne by the successful bidder. ET's separate email queries to the liquidator Satish Kumar Gupta, Bank of Baroda remained unanswered, while Brookfield declined to comment. The e-auction for the property along with 70 exclusive car parking slots in the tower was scheduled on June 2 and prospective bidders were expected to submit an earnest money deposit of Rs 32.5 crore. The Godrej BKC building, a 19-storey commercial tower, was developed in 2011 through a joint venture between Godrej Properties and Jet Airways . Jet Airways had originally purchased the land from the Mumbai Metropolitan Region Development Authority in 2008 for Rs 826 crore before collaborating with Godrej Properties for the project's development.
Time of India
2 days ago
- Business
- Time of India
Bank of Baroda top bidder in Jet Airways BKC office insolvency auction
Bank of Baroda has emerged as the highest bidder for Jet Airways' 83,000 sq ft office space in Mumbai's Godrej BKC, offering Rs 370 crore. Brookfield Asset Management, which already owns office space in the building, holds the right of first refusal and is likely to exercise it. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a significant development under the ongoing Jet Airways insolvency proceedings, public sector lender Bank of Baroda has emerged as the highest bidder for the airline's 83,000 sq ft office space in commercial tower Godrej BKC in Mumbai's business district Bandra-Kurla Complex , said people familiar with the bank has placed a bid of Rs 370 crore, outpacing other contenders in the auction held under the Insolvency & Bankruptcy Code (IBC), month, a government-appointed liquidator had put an entire office floor owned by the defunct aviation company in this tower on the block with a reserve price of Rs 335.24 this, the liquidator is now expected to inform global alternative investment major Brookfield Asset Management that holds the right of first refusal (ROFR) with a 15-day period to match the highest bidder if it intends to acquire the to sources, Brookfield is likely to exercise the ROFR for the 2020, as part of Jet Airways ' insolvency proceedings, Brookfield had acquired the company's two office floors in the building for Rs 490 crore. These offices are currently occupied by marquee tenants including World Bank and transaction involved around 180,000 sq ft office space spread across the third and fourth floors, along with rights to 138 car parking spaces. Brookfield holds the ROFR for this additional office space too as part of the agreement entered currently vacant office on the second floor of the commercial tower was sealed by the Municipal Corporation of Greater Mumbai owing to unpaid dues. On April 28, the National Company Law Tribunal (NCLT) ordered the civic body to de-seal the property and halt recovery asset is being sold on an 'as is where is' basis under the IBC and all applicable taxes, dues and transfer charges will be borne by the successful separate email queries to the liquidator Satish Kumar Gupta, Bank of Baroda remained unanswered, while Brookfield declined to e-auction for the property along with 70 exclusive car parking slots in the tower was scheduled on June 2 and prospective bidders were expected to submit an earnest money deposit of Rs 32.5 Godrej BKC building, a 19-storey commercial tower, was developed in 2011 through a joint venture between Godrej Properties and Jet Airways Jet Airways had originally purchased the land from the Mumbai Metropolitan Region Development Authority in 2008 for Rs 826 crore before collaborating with Godrej Properties for the project's development.
Business Standard
21-04-2025
- Automotive
- Business Standard
Bharat Lubricants: 40 Years of Trust, Launches Biker Care Range
PNN Surat (Gujarat) [India], April 21: In the bustling city of Surat, where industry meets tradition, a legacy was born in 1984--a legacy of trust, performance, and relentless innovation. Bharat Lubricants, founded by the visionary Mr. Satish Kumar Gupta, has become more than just a brand. It is a story of passion, perseverance, and purpose--one that has journeyed alongside India's growth for over four decades. And now, as it celebrates its 40th year, Bharat Lubricants writes a new chapter in its story with the launch of two game-changing products designed for the heart and soul of India's roads--the bikers. Introducing: Biker Chain Spray and Biker Chain Cleaner Crafted with precision and love for the two-wheeled companions that drive millions of Indians every day, Bharat Lubricants proudly unveils its latest innovations: Biker Chain Spray and Biker Chain Cleaner. These aren't just products--they're solutions born from the understanding of what it truly means to rely on your ride. "Every biker has a bond with their machine. We wanted to honor that relationship by developing products that not only perform, but protect," shares Mr. Rahul Gupta, the dynamic CEO and Managing Director of Bharat Lubricants. "Our new range is designed with the rider in mind--those who brave the early morning rush, who ride through rain or shine, who count on their bikes not just for transport, but as a lifeline." 40 Years of Trust, Innovation & Progress What started as a small-scale venture in 1984 has grown into one of India's most respected names in the lubricant industry. From its early days, Bharat Lubricants stood for quality, integrity, and an unwavering commitment to excellence. The company's products have powered everything from family hatchbacks and commercial trucks to massive industrial machinery, always delivering superior protection, fuel efficiency, and long-lasting performance. But Bharat Lubricants' true strength lies not only in its products but in its people--the mechanics who trust it implicitly, the families who drive safely because of it, and the bikers whose engines hum smoothly thanks to its magic touch. For the Rider in Every Indian With the launch of the Biker Chain Spray and Biker Chain Cleaner, Bharat Lubricants taps into a deep emotional chord. In India, a bike isn't just a vehicle--it's freedom for a student attending college, it's the daily companion of a delivery executive feeding his family, and it's the ride of dreams for a small-town youngster with big ambitions. Recognizing the grit and emotion behind every ride, the new Biker Chain range is engineered for performance and protection. The Biker Chain Spray ensures smooth movement, corrosion resistance, and dust protection, extending chain life and giving riders peace of mind. The Biker Chain Cleaner tackles grime and buildup with ease, keeping bikes running cleaner, longer. "These products are not just about machines--they're about people. They're about safety, savings, and smooth rides home," says Neha Gupta, Head of Product Development. "When a father rides his child to school or a mother uses a scooter for work, their safety and performance depend on something as small--but crucial--as chain maintenance. That's what we're here for." A Greener Tomorrow, Fueled Today While Bharat Lubricants continues to serve millions with high-performance products, it's also laying the groundwork for a cleaner future. The company's manufacturing facilities have embraced energy-efficient processes, renewable energy, and recycling initiatives that ensure minimal impact on the environment. "Our vision has always been dual--serve people today, protect the planet for tomorrow," explains Mr. Rahul Gupta. "Our eco-friendly formulations, waste management practices, and bio-based lubricants reflect that mission. With the rise of electric vehicles and modern machinery, we're constantly evolving to meet the future head-on." Innovation Meets Heart From developing high-performance synthetic oils to collaborating on electric vehicle lubricants, Bharat Lubricants has stayed ahead by blending cutting-edge technology with human understanding. It's not just about chemistry--it's about compassion. Whether it's educating mechanics on eco-responsible practices, supporting small workshops with training, or partnering with NGOs for safe waste disposal, Bharat Lubricants lives its values beyond the boardroom. A Legacy That Rides With You As Bharat Lubricants steps into its fifth decade, the company remains grounded in its origins and inspired by its future. The faces have changed--sons now lead where fathers once did, technology has replaced hand-mixed batches--but the heart of the company beats the same. "We're not just in the business of lubricants. We're in the business of trust," says Rahul. "From the highways of Haryana to the gullies of Guwahati, from the mechanic's shop to the factory floor--our journey is powered by every Indian who believed in us." Ride On, India With the Biker Chain Spray and Biker Chain Cleaner, Bharat Lubricants invites every rider to experience care, performance, and reliability like never before. These products are now available through Bharat Lubricants' extensive dealer network and e-commerce platforms. Because every bike deserves to shine, every rider deserves to glide, and every journey deserves to be smooth, safe, and sustainable--with Bharat Lubricants riding along.
