Comments
Noida-based real estate group Sawasdee, earlier known as the Galaxy group, has acquired around 60,000 sq metres of land in Sector 80 from Moser Baer India Ltd in an NCLT-ordered online bidding for ₹72 crore, according to a statement issued by the company.
Following a financial crisis in Moser Baer India Ltd, NCLT had ordered its liquidation. The company’s land, now bought by Sawasdee, was e-auctioned through a liquidator firm.
“We purchased these assets for a value of ₹72 crore with other expenses. This is an industrial plot,” said Pradeep Kumar Agrawalla, Chairman, Sawasdee group. The entire investment will be self-funded. “We have already paid 25 per cent of the value and will pay the rest as per the terms of the auction,” Agrawalla added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.