Days after a Mauritius-based investment firm offered to invest $1.67 billion to rescue hard-pressed Sahara group’s Ambey valley project, the Bombay High Court on Monday opened debt-ridden Sahara’s ‘Aamby Valley’ project in Lonawala for public auction.
Following the Supreme Court’s decision, where the apex court on Friday quashed the stay request sought by Sahara group stating that the company had found money to save Aamby Valley property; Bombay HC agreed to start the liquidation process.
The decision was delivered by a three-judge bench of justices Dipak Misra, Ranjan Gogoi and AK Sikri.
Notably, the official Liquidator for the Aamby Valley city in Pune has put up a reserve price of Rs 37,392 crore.
The decision by Bombay HC is a big jolt to already beleaguered Sahara group, importantly at a time when they were able to generate $1.67 billion against 26% equity in Pune project.
Sahara during their last hearing asserted that after a series of talks, Royale Partners Investment Fund had agreed to flush over Rs10,700 crore — in a desperate attempt to save group’s Aamby Valley project.
Confirming the deal, RPMG Investment said, “As deposed by Sahara before the Supreme Court of India, Royale Partners Investment Fund Ltd and its Limited Partners have agreed to invest $ 1.67 billion in the Ambey Valley Project.”
As the auction notices will now be published globally, Sahara citing market valuation puts a price tag of Rs 1 trillion for the project that stretches between Mumbai and Pune.