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Time of India
16 hours ago
- Business
- Time of India
All Lavasa suitors raise offers in third round; Valor Estates leads
Mumbai: All three bidders have increased their financial offers for the debt-laden Lavasa Corp in the third round of bidding, intensifying competition for what was initially billed as the first hill town to be built in Independent India. Valor Estates has substantially upped its bid to ₹946 crore on a net present value (NPV) basis, putting it ahead of the other two bidders. The Welspun-Ashdan combine has increased also its bid to ₹845 crore from ₹776 crore on a NPV basis earlier which has put the Mumbai based Yogayatan Group at number three on a NPV basis with a total NPV of ₹830 crore, people familiar with the development said. Meanwhile, based on the evaluation matrix, Welspun consortium has scored higher than both the other bidders. "All three bidders substantially increased their bids after they were given another chance. By the looks of it this battle will now continue because bankers will have to thoroughly go through the bids," said a person familiar with the details. Creditors to the debt-laden Lavasa Corp had extended the timeline for the resolution process, giving bidders another chance to increase their bids for the real estate venture, ET had reported in its August 7 edition. The extension was forced after one of the bidders, Valor Estates, submitted an improved revised plan. Live Events Last week, Mumbai based Yogayatan Group filed a petition in the National Company Law Tribunal (NCLT) opposing creditors' move to allow revised resolution plans for taking over the debt-laden Lavasa Corp. Yogayatan was opposed to calling for another round of bids because it had emerged as the highest bidder, with its offer of ₹795 crore on a NPV basis. "This time, despite its opposition, Yogayatan submitted a revised bid. It remains to be seen whether it acts on its NCLT plea or prefers to improve its bid further because it does not look like we have seen the last of this story," said another person aware of the details. Any litigation at this stage is likely to delay the process. EY-backed resolution professional Udayraj Patwardhan and process advisor BoB Capital Markets did not reply to an email seeking comment.
Time of India
31-07-2025
- Business
- Time of India
Mumbai-based Yogayatan Group raises bid for Lavasa, emerges as top bidder
Mumbai based Yogayatan Group has emerged as the highest bidder for the debt laden Lavasa Corporation increasing its bid to Rs 795 crore on a net present value (NPV) basis from Rs 725 crore previously. Bidders had been given an opportunity to improve their bids after the first round of bidding earlier this month. Yogayatan's sharp increase in bid means that it has surpassed Valor Estates ' offer of Rs 771 crore. Valor, formerly DB Realty, did not increase its bid in the latest round. The third bidder in the fray, Welspun Group also increased its bid to Rs 785 crore on a NPV basis from Rs 750 crore in the first round. Explore courses from Top Institutes in Please select course: Select a Course Category Technology PGDM Degree Operations Management Artificial Intelligence Management Finance CXO Public Policy Design Thinking Others others MCA Data Analytics Cybersecurity Healthcare Digital Marketing Project Management MBA Product Management Data Science healthcare Data Science Leadership Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details 'At this stage Yogayatan has moved ahead. But in a surprising turn of events late on Thursday Valor said it wants to now up its bid. The committee of creditors will meet on Friday to decide what to do now,' said a person aware of the details. All the plan timelines are as long as five years with bidders staggering payments in the later part of the resolution plans to deal with uncertainties. Late evening queries to EY-backed resolution professional Udayraj Patwardhan , did not receive a response. Individual bidders could not be reached. 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 their cities. Modelled after the Italian fishing village, Portofino, it was planned like a gated city with space for a golf course, rowing and even a football academy. However, it went bust and was admitted to bankruptcy in 2018. Live Events Lenders are grappling with a complex resolution including land titles, pending regulatory approvals, and environmental concerns in the second major attempt to resolve Lavasa's insolvency, after previous bids, including a Rs 1,814 crore plan approved in July 2023 from Darwin Platform Infrastructure (DPIL), failed due to non-payment of the upfront amount. Economic Times WhatsApp channel )
Time of India
29-06-2025
- Business
- 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.
