Adani Goodhomes is nearing the purchase of bankrupt Mumbai builder Radius Estates and Developers at a 98% discount to what its creditors have been expecting, reported Mint, citing a person with knowledge of the matter.
According to the source, Adani is ready to pay $4m (Rs319.7m) to financial creditors as against their expectation of $201m (Rs16.58bn) and $180,000 (Rs15.2m) to employees.
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Adani Goodhomes has also agreed to complete around 700 luxury apartments, which are worth around $97.2m (Rs8bn), for Radius clients by June next year.
In a stock exchange statement, Radius’ former partner DB Realty said that Adani’s bid had been approved by the National Company Law Tribunal (NCLT).
Last year, the NCLT rejected a petition by some of Radius’ creditors, which had alleged impropriety in the bidding process. This case is still in court, and no date has been announced for a final verdict.
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Ten BKC, situated in Mumbai’s new financial district, is the project expected to be acquired by Adani as part of the winning bid.
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By GlobalDataSpread across five acres, Ten BKC is expected to generate $303m (Rs25bn) in revenue upon completion.
Bandra Kurla Complex (BKC) has the headquarters of various local and global banks in India.
BKC is near Dharavi, which is claimed to be the largest slum in the world. Adani also won a contract in December 2022 to redevelop this slum area.
