Sahara’s Aamby Valley up for auction at Rs 37,392 cr

Mumbai, August 14

A Supreme Court-ordered auction process began today for the embattled Sahara Group’s luxurious Aamby Valley resort town with the official liquidator inviting bids at a reserve price of Rs37,392 crore.

Sahara, which pegs the project’s market valuation at over Rs 1 lakh crore, said the liquidator had initiated only first two steps of the auction by issuing an advertisement for interested bidders and verifying their Know Your Clients and the sale would be withdrawn if Rs1,500 crore is deposited before the next date of hearing in the Supreme Court.

The property, described by the liquidator as an “ultra- exclusive chartered city”, includes timber chalets, modern villas, golf course, hospital, school and airport, among other amenities. The official liquidator of the Bombay HC published an auction notice today inviting bidders for the township spread over 6,761.6 acres in Pune district, as also two land parcels measuring over 1,700 acres.

The auction process has been initiated even as a Mauritius-based investor, Royale Partners Investment Fund, last week said it has offered to invest $1.67 billion in the project. Sahara’s advocate Gautam Awasthi said Sahara had moved the SC seeking permission for entering into a pact with Viktor Koenig UK Limited with the nominee Royale Partners Investment Fund for inviting an investment into the project. — PTI