Mumbai: A Supreme Court-ordered auction process for Aamby Valley resort town of embattled Sahara group began on Monday at a reserve price of Rs 37.392 crore.
The official liquidator of the Bombay High Court published an auction notice inviting prospective bidders for the integrated hill city township spread over 6,76,21 acres near Lonavala, located between Mumbai and Pune.
A Mauritius-based investor, Royale Partners Investment Fund, last week said it has offered to invest $1.67 billion (over Rs 10,700 crore) in Sahara group’s Aamby Valley project, sources said.
Sahara group pegs the market valuation of this project at over Rs 1 lakh crore.
According to sources, Sahara’s advocate Gautam Awasthi had said in a statement that the group had moved an application before the Supreme Court seeking permission for entering into an agreement with Victor Koenig UK Limited, with the nominee Royale Partners Investment Fund Limited, for inviting an investment of $1.67 billion into its Aamby Valley project.
The Supreme Court on Thursday said the auction process will go on according to the schedule, but if Rs 1,500 crore is paid, as proposed by the group, into the Sebi-Sahara refund account by September 7, then it may pass an appropriate order.