Adani to buy Aamby Valley City? SC to decide soon
Adani Properties is asking the Supreme Court for the green light to buy 88 properties from Sahara India Real Estate.
The list features some big names—like Aamby Valley City in Maharashtra.
Adani's plan is to buy all properties in 1 go
The exact price tag is under wraps (it's been filed confidentially with the court), but the plan is for Adani to buy all 88 properties together in one go, as outlined in a term sheet.
Sale proceeds will go into a SEBI-Sahara refund account
Money from the sale will go straight into a SEBI-Sahara Refund Account, helping pay back investors and chip away at Sahara's huge ₹24,030 crore refund liability.
If approved, this could finally speed up a long-stuck process that's been under court watch for years.
Sahara has also asked for protection during the sale
Sahara has also asked the Supreme Court for protection from ongoing investigations and legal actions during this sale.
The next hearing on all of this is set for October 14, 2024.