Adani nears purchase of bankrupt Mumbai builder at 98% discount

Adani Goodhomes Pvt. is a step closer to acquiring Radius Estates and Developers Pvt. at a 98% discount to what the bankrupt company’s creditors had been seeking, according to a person with knowledge of the matter.

Adani offered to pay 319.7 million rupees ($4 million) to financial creditors, compared with their ask for 16.58 billion rupees and 15.2 million rupees to employees, the person said, asking not to be identified as the details are private. The acquirer, part of billionaire Gautam Adani’s empire, has also promised to deliver some 700 luxury apartments worth more than 8 billion rupees to Radius clients by June 2024.

Adani’s bid for Radius was approved by the National Company Law Tribunal, Radius’ former partner DB Realty told the stock exchange on Monday without sharing financial details.

The NCLT had last year rejected a petition by some of Radius’ creditors that had alleged impropriety in the bidding process. The matter is still in court and there’s no date for a final verdict.

A representative for the Adani group didn’t respond to an email seeking comment outside of business hours on Monday. The resolution professional in charge of the Radius bankruptcy didn’t immediately respond to an email.

The project Adani could acquire with this winning bid is named Ten BKC, located in Mumbai’s new financial district. Bandra Kurla Complex, or BKC, houses the headquarters of several local and global banks in the South Asian nation and is close to Dharavi, the world’s largest slum, that Adani has also won the contract to remodel.

Ten BKC is spread across 5 acres and is estimated to earn Rs 2,500 crore in revenue when complete, the person said.

DB Realty gained 0.90 point toRs 89.90 at 9:56 am