Oberoi, Interups join race to buy Lavasa: Report

Oberoi Realty and US-based fund Interups have separately expressed interest in acquiring the Lavasa hill station project, Business Standard reported.

Lavasa Corporation, promoted by the Hindustan Construction Company (HCC), was taken to the National Company Law Tribunal (NCLT) in August 2018 after defaulting on debt payments.

A separate report by The Times of India said Oberoi Realty submitted its Expression of Interest (EoI) on December 27, 2019, while Interups submitted its EoI on January 6.

Moneycontrol could not independently verify the stories.

Oberoi Realty cited synergies of operations as a reason for expressing interest in the company, BS reported.

ARCIL, a member of Lavasa’s Committee of Creditors (CoC) supported the new bid, but questioned the need to accept new bids at an advanced stage of the insolvency process, the report added.

A separate media report in October 2019 said that a consortium, including Haldiram Snacks, had offered to purchase 100 percent of Lavasa for Rs 2,046 crore.

The report also mentioned two other offers by Pune-based builder Aniruddha Deshpande and UV Asset Reconstruction Company (UVARC).