3 true estate corporations and a businessman bid for Dignity Buildcon’s industrial towers in Gurugram

Alexis Juanita



a tall building: Three real estate firms and a businessman bid for Dignity Buildcon's commercial towers in Gurugram


© Vandana Ramnani
A few genuine estate corporations and a businessman bid for Dignity Buildcon’s professional towers in Gurugram

3 foremost real estate corporations – Gurugram-dependent M3M Group, Bengaluru-centered Salarpuria Sattva, Ahmedabad-dependent Safal Group – and businessman Madhav Dhir have submitted separate resolution designs to receive bankrupt Dignity Buildcon, which owns 3 commercial towers found together the Golf System Extension Highway in Gurugram.

They are all in the race to receive Eyesight Towers, a caught job by Religare  positioned alongside the Golf Study course Extension Road. The making is nearly full, sources claimed.

The bid was organised by existing creditors Blackstone, Conventional Chartered and Alchemist not long ago.

There are 8 economic collectors, such as a few Blackstone group firms. The sources said the loan companies will shortly vote on the resolution designs submitted by the four parties.

The insolvency system for Dignity Buildcon began final year.

The job includes a few towers and is distribute throughout an area of 1.10 million sq. ft, resources stated.

Blackstone-backed Sattva , Alchemist ARC founder Alok Dhir, Safal – a corporation based mostly out of Ahmedabad – and M3M, locked horns at an open up bidding system that lasted for more than 12 several hours, resources explained to Moneycontrol.

All the 4 bidders have made available to shell out some volume upfront to collectors and the rest in installments in excess of the future a few to 4 years, the sources reported.

According to resources, M3M was the maximum bidder in the open up bidding approach, and available to invest around Rs 1,000 crore in the stuck venture. It promised an total of Rs 533 crore to creditors to settle their dues and the remaining volume for finishing, acceptance sanctions, and creditors’ returns.

The bids of Safal group and Salarpuria Sattva are valued at Rs 487 crore and Rs 417 crore, respectively. Madhav Dhir, son of Alchemist ARC’s promoter Alok Dhir, has bid Rs 491 crore.

Additional, the sources said M3M has supplied Rs 21 crore upfront and relaxation will be paid in four-yearly installments. Salarpuria Sattva has provided an upfront quantity of Rs 125 crore,when Safal team and Madhav Dhir have made available all-around Rs 80 crore each.

All the 4 firms declined to remark.

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