Left Menu
Development News Edition

M3M, Salarpuria, 2 others bid for commercial proj in Gurugram

Realty firms M3M India, Salarpuria Sattva and Ahmedabad-based Safal group as well as businessman Madhav Dhir have put in separate bids to acquire a commercial project in Gurugram through an insolvency process, sources said. They have submitted resolution plans to acquire debt-ridden Dignity Buildcon, which owns three commercial towers on the Golf Course Extension Road, Gurugram.

PTI | New Delhi | Updated: 23-11-2020 19:06 IST | Created: 23-11-2020 19:06 IST
M3M, Salarpuria, 2 others bid for commercial proj in Gurugram

Realty firms M3M India, Salarpuria Sattva and Ahmedabad-based Safal group as well as businessman Madhav Dhir have put in separate bids to acquire a commercial project in Gurugram through an insolvency process, sources said. They have submitted resolution plans to acquire debt-ridden Dignity Buildcon, which owns three commercial towers on the Golf Course Extension Road, Gurugram. The buildings in the tower are almost complete, they added.

According to the sources, M3M has offered around Rs 530 crore. 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 put in a bid for Rs 491 crore. All the four bidders have offered to pay some amount upfront to creditors and the rest in installments over the next three to four years, the sources said.

Further, the sources said that M3M has offered Rs 21 crore upfront and rest will be paid in four-yearly installments. Salarpuria Sattva has offered an upfront amount of Rs 125 crore while Safal group and Madhav Dhir have offered around Rs 80 crore each. Dignity Buildcon has a debt of over Rs 1,000 crore. Blackstone, Standard Chartered and Alchemist group are the major lenders and are also part of the Committee of Creditors (CoC), the sources said.

There are eight financial creditors, including three Blackstone group firms. The sources said the lenders will soon vote on the resolution plans submitted by the four parties.

Dignity Buildcon went into insolvency process last year. When contacted, M3M group and Salarpuria declined to comment while Safal group and Madhav Dhir could not be contacted for comments.

Gurugram-based M3M group is a leading realty firm in the national capital region. It has sold properties worth Rs 2,000 crore and derived eight projects in the last six months. The company is also buiding the Trump Tower in Gurugram. Bengaluru-based Salarpuria Sattva is a major real estate player in south India. It is mainly into commercial real estate.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

WB Governor promises violence-free Assembly elections

West Bengal Governor Jagdeep Dhankhar on Saturday promised to the people of the state that upcoming Assembly elections will be impartial and violence-free. I assure the people of West Bengal that every step will be taken to ensure impartial...

Bluehost Reviews 2021:Features, Pricing, Pros & Cons

Disclosure This content is reader-supported, which means if you click on some of our links that we may earn a commission.Bluehost is one of the most popular and largest web hosting solutions globally that currently powers over 2 million web...

Telcos want govt to clarify the onus of security breach post NSD rollout, ensure price competitiveness

Telcos have asked the government to clarify about the entity that will be held liable if there is a security breach in the network post-implementation of the National Security Directive NSD on the telecom sector, according to industry sourc...

'A Quiet Place II', 'King's Man' and other films delayed

Paramount Pictures has delayed John Krasinskis A Quiet Place II for the third time.According to The Hollywood Reporter, the Emily Blunt-starrer film will now open in the US on September 17.The movie, a sequel to 2017 hit that marked Krasins...

Give Feedback