Tata, Godrej, Adani show interest in Sahara properties

THE SALE PROCESS AND VALUATION COULD GET IMPACTED DUE

TO A HURRY IN GETTING THE DEALS CLOSED WITHIN A SHORT TIME, SOURCES SAID

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

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

Besides, Chennai-based Apollo Hospital has shown interest in acquiring Sahara Hospital in Lucknow. The people, however, said the sale process and valuation could get impacted due to a hurry in getting the deals closed within a short time, because of an urgency on part of Sahara to get the money and deposit the same with Sebi as per Supreme Court directions.

All prospective buyers have sought 2-3 months for due diligence—considered to be a normal period of time in high-value real estate transactions, the people 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 added that 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’s chairman and MD Rohtas Goel also confirmed his company was interested in properties. “As a prudent business organisation, we always keep exploring opportunities.”

Eldeco’s MD Pankaj Bajaj said the company is interested but would not like to share details

An Apollo Hospitals spokesperson said, “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 queries made to Adani Group and Patanjali.

“Over 250 expressions of interest (EOIs) have been received. EOIs have been received for all sites, with majority of sites having multiple EOIs,” Knight Frank India said.