Adani to acquire Sahara's 88+ properties, including Aamby Valley: Report
What's the story
Adani Properties Pvt. Ltd., the real estate arm of the Adani Group, has agreed to acquire key assets from the Sahara Group in a landmark deal, according to a report by India Today. The deal stems from a long-running dispute before the Supreme Court of India, where the Securities and Exchange Board of India (SEBI) has been directing major Sahara entities to refund investor money.
Asset liquidation
Background on the deal
The total principal amount that the Sahara Group was ordered by SC to repay was around ₹24,030 crore. Over time, the Sahara Group managed to sell some assets and deposited around ₹16,000 crore in the SEBI-Sahara Refund Account. However, after Subrata Roy's death in November 2023, it was decided that rapid asset liquidation at maximum value was the only way forward. Previous attempts to sell assets had failed due to poor market conditions, lack of credible buyers, and ongoing lawsuits.
Acquisition details
What is being sold?
To expedite the process and ensure maximum value in the shortest time, Sahara decided to sell most of its remaining assets in one lot to a single entity—the Adani Group. The deal involves more than 88 properties, including high-value land parcels and buildings across India. Some key assets include the 8,800-acre Aamby Valley City in Maharashtra, Hotel Sahara Star in Mumbai, 170-acre Sahara Shahar, and several others across different states.
Financial commitment
What does Sahara want from the SC?
The Adani Group is expected to pay a lump sum for all properties combined, not based on the individual value of each property. In an application filed before the SC, Sahara has sought extraordinary protections from the court through invocation of its powers to ensure "complete justice" under Article 142 of the Constitution. The primary purpose is to seek approval for the outright sale of Sahara's properties to Adani Properties Private Limited under the terms of a Term Sheet.
Legal requests
More requests from Sahara
The Sahara Group has also made some other interesting requests. It has asked the SC to exempt all 88+ acquired properties from any and all regulatory or criminal inquiries, investigations, and proceedings—whether ongoing or in the future. This would include any action by agencies like the State Police, Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO), and Income Tax Department (including matters related to black money or benami ownership).
Jurisdiction request
Final requests to the court
Sahara has also requested that all claims or liabilities related to the properties (from third parties, government agencies, or even Sahara itself) must be addressed only to the SC. No other court, tribunal, or government authority should have any jurisdiction over these properties. It also wants all existing attachment orders, restraints, prohibitions and injunctive orders on the properties by various authorities (including SEBI, high courts, ED and tax authorities) to be immediately vacated and lifted by SC.