Info-tech

Sawasdee group buys Moser Baer’s plot in Noida

Our Bureau New Delhi | Updated on March 27, 2019 Published on March 27, 2019

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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.

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Published on March 27, 2019
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