Tata, Godrej and Adani keen to buy Sahara properties

Proceeds to be deposited with Sebi

A large number of corporates, including Tata, Godrej, Adani and Patanjali, have shown interest in buying embattled Sahara group’s 30 properties estimated to be worth Rs 7,400 crore.

The properties, mostly land parcels being auctioned by real estate consultant Knight Frank India, have also generated interest from several real estate developers including Omaxe and Eldeco, as also from HNIs and at least one public sector firm Indian Oil, sources familiar with the process said.

Besides, Chennai-based Apollo Hospitals has shown interest in acquiring Sahara Hospital in Lucknow.

Sources, however, said that the sale process and the valuation could get impacted due to a hurry in getting the deals closed within a short time because of an urgency on part of Saharas to get the money and deposit the same with the regulator Sebi as per the Supreme Court directions.

All prospective buyers are asking for two to three months for due diligence, which is considered to be normal period of time in the high-value real estate transactions, sources added.

When contacted, a Sahara group spokesperson declined to disclose the names of prospective buyers, saying “deals are in process and will materialise soon”. He also said the details have been submitted to the Supreme Court.

Godrej Properties’ Executive Chairman Pirojsha Godrej said, “We are looking at part of one of the Pune land parcels for which Knight Frank is running the bidding process. It is still at a preliminary stage.”

Omaxe CMD Rohtas Goel also confirmed that his company was interested in some properties.

“As a prudent business organisation, we always keep exploring growth opportunities,” he said. Eldeco MD Pankaj Bajaj said they are interested in some properties but would not be like to share the exact details at this stage.

An Apollo Hospitals spokesperson said, “The Apollo has submitted an expression of interest for Sahara Hospital and (we) are conducting our evaluation and due diligence process.”

Tata Housing declined to comment, while there were no replies to specific queries made to Adani Group and Patanjali.