Mumbai real estate company Oberoi Realty Ltd and US-based financial services firm Interups Inc. have joined the race to acquire township developer Lavasa Corp, Business Standard reported.
Lavasa was dragged to a bankruptcy court last year after defaulting on its debt. It owed about Rs 5,559 crore to 18 lenders as of September and more than Rs 420 crore to about 1,000 homebuyers, its website shows.
The company has built a hill town about 65 km from Pune in Maharashtra, but the project had faced several hurdles due to delays in receiving environmental and other regulatory clearances.
The report also said that the National Company Law Tribunal agreed on Monday to consolidate the bankruptcy proceedings of Lavasa and its subsidiaries so as to get the maximum offer from potential buyers.
Previously, Haldiram Snacks, Pune-based builder Aniruddha Deshpande and UV Asset Reconstruction Company were said to in the race for Lavasa.
Meanwhile, Sachin Bansal said he would deploy all the proceeds from the sale of his stake in Flipkart into his financial services venture Navi Technologies Pvt. Ltd. Bansal could invest $400-450 million in Navi, The Times of India estimated.
“In the next few days or weeks, I’ll put all my money which is left after [the] Ola investment in Navi,” Bansal told the newspaper, without specifying any amount. Bansal had invested Rs 650 crore in Ola last year.
The Flipkart co-founder has been taking rapid strides to build a diversified financial services business after leaving the online retailer in 2018. Last year, Bansal acquired microlender Chaitanya Rural Intermediation Development Services .
Earlier this month, Navi Technologies agreed to buy DHFL General Insurance Ltd from Wadhawan Global Capital. It is also selling a minority stake to International Finance Corporation in its bid for a banking licence. Bansal is also buying Essel Mutual Fund.