Sahara sells Grosvenor, plans to sell Sahara Star, F1 team

In what has been a long standing case, Sahara has finally completed the sale of its iconic London property, Grosvenor House, to Qatar government-owned trust.  After repaying the debt on the Grosvenor House, the company will be left with surplus of Rs 2,350 crore. In addition, the company has refinanced loans over New York Hotel with Russian government owned bank and has submitted details of the deal in a sealed cover.  Sahara says that due diligence of the agreement are almost complete and the company will finish the deal in the next 30-40 days. Furthermore, Sahara has moved the Supreme Court seeking its nod for selling Sahara Star Hotel, Formula one (F1) team and its four aircrafts. This would help it garner around Rs 300 crores.  This deal, on completion, may get Sahara's top boss Subrata Roy released on bail, who has been in the Tihar Jail for the past 2 years.