Adani Infrastructure and Developers Pvt Ltd have emerged successful in acquiring 1.45 lakh square metres of land from Anil Ltd in Ahmedabad, for a total of Rs 325 crore. With Rs 70 crore already paid, the remaining Rs 255 crore will be settled imminently as per an NCLT order. The land, situated in the Bapunagar area, will be developed into a major real estate project. The deal marks a significant stride in Adani Group's infrastructural expansion.
In a major acquisition move, Adani Infrastructure and Developers Pvt Ltd have successfully bid for a significant land asset of Anil Ltd, marking a significant change in the cityscape of Ahmedabad. As per the agreement, Adani Group will acquire approximately 1.45 lakh square metres of land, amounting to a staggering Rs 325 crore.
So far, Adani Infrastructure has released Rs 70 crore towards the deal, with an assurance of paying the outstanding Rs 255 crore imminently, as stated by a recent National Company Law Tribunal (NCLT) order. This massive plot of land is situated in the Bapunagar area of Ahmedabad, where the group plans to undertake an ambitious real estate development venture, as confirmed by insider sources.
The liquidation process of Anil Ltd began in 2018, which led to the auction of its land. In the initial stages, Westcoast Infraprojects Pvt Ltd offered Rs 375 crore for the property. However, the firm could not follow through with the payment, leading to the cancellation of the auction. Following a new bidding round, Adani Infrastructure emerged victorious, securing the deal at Rs 325 crore.
In a recent statement, R D Choudhary, the liquidator of Anil Ltd, elaborated on the NCLT order directing Adani Infrastructure to disburse the remaining Rs 255 crore upon validation from the liquidator that the state tax department's claim on the property has been resolved. Choudhary expressed optimism that the transaction would be finalized in the near future.
As per the agreement, the payment of Rs 325 crore will be managed through the liquidator to the secured creditors and workers as per Section 53 of the Insolvency and Bankruptcy Code (IBC) 2016 and orders of the Ahmedabad bench of the NCLT.
The prized plot, located on the well-regarded Anil Starch Road, is earmarked for a monumental real estate project by Adani Infrastructure, likely to be developed in phases following the conclusion of the acquisition process.
In conclusion, the completion of this significant acquisition by Adani Infrastructure will not only change the ownership of the vast land parcel but is also expected to bring transformative changes to the Ahmedabad skyline. It underscores the Adani Group's growing influence in the infrastructure sector and its commitment to delivering large-scale real estate projects. However, the impact on local communities and the broader real estate market remains to be seen.
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