New Delhi: Adani Group has bought a luxurious bungalow in the ultra posh area Lutyens of Delhi for Rs 400 crores. Spread over 3.4 acres, the bungalow has a built-up area of 25,000 square feet. It consists of 7 bedrooms, 6 dining rooms, a study room and staff quarters in 7,000 square feet. There is dense greenery all around the bungalow. This two-storey bungalow is on Bhagwan Das Road. According to the report of the English newspaper Economic Times, the bungalow was previously owned by Aditya Estates Private Limited. However, the Adani Group's bid against him in the insolvency process has been approved. Infosys co-founder Narayana Murthy was also in the race to buy it. <! -
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A few years ago Aditya Estates valued the bungalow at more than Rs 1,000 crore.
The report states that the National Company Law Tribunal (NCLT) on 14 February approved the proposal of Adani Properties Private Limited, a company of Adani Group. 93% of the lenders of Aditya Estates were also in favor of Adani's bid. According to NCLT documents, the price of the bungalow was estimated at only Rs 265 crore in the insolvency process. Adani Properties will have to pay a guarantee of Rs 5 crore and a conversion charge of Rs 135 crore.
The history of this bungalow dates back to the British period. In 1921 it was bought by Lala Sukhbir Sinha, a member of the United Provinces Legislative Council. Earlier, the office of the State Department used to run in the bungalow. Staff accommodation was also here. It was purchased by Aditya Estates in 1985. ICICI Bank UK had filed for bankruptcy on February 26 last year against Aditya Estates for loan recovery.
The bidders under the insolvency process included Infosys co-founder NR Narayan Murthy, Havells India chairman Anil Rai Gupta, Dalmia Cement Company and Veena Investments. A person associated with this case says that the price of the bungalow has been estimated in the insolvency process, it is less than the current market price.
