Sahara finalised the Mumbai suburbland deal
Once Sahara India was a profit making company and was an apple in the eyes of the investors. And today unfortunately the company’s chief is in the Tihar Jail since March and trying hard to sell off its Indian and International properties to pay for the bail.
Four months after it sold its 104-acre land at Ahmedabad, the Sahara Group seems to have reached an understanding to sell three of its other properties across India. The group is in the final stages of negotiations to raise around Rs 800 crore by selling 265 acres of land it owns in Vasai, a Mumbai suburb. They are in the talks with city based Atul Projects to finalise this deal as soon as possible.
A formal deal will be signed on receipt of the sale price. Sahara had acquired this land a few years ago to set up a township. This move was done during the prime days of Sahara and real estate and since the company always believed in diversifying their businesses, investing in real estate was a lucrative option for them.
The chairman and managing director Atul Patel of Atul Projects stated that his company has signed a term sheet with Sahara and is conducting due diligence on the proposed land parcel. The construction company Atul Projects has several residential and commercial projects in the western suburbs.
A Sahara spokesperson mentioned that the Sahara group is in final stages of negotiations with Atul Projects.
Source- The Times of India
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