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Sawasdee Group acquires Moser Baer's land in Noida through NCLT 

The group plans to launch an industrial project on the Noida plot.

Representative Image

Representative Image

Sawasdee Group, a Noida-based real estate group has acquired an industrial plot spread across approximately 60,000 sq metres in Sector 80, Noida from Moser Baer India Ltd through online bidding with an investment of Rs 72 crore, the company said in a statement.

Sawasdee Group, formally known as Galaxy Group has been developing residential and commercial projects in Greater Noida (West). The land has been acquired from Moser Baer India Ltd, suppliers of drives and storage devices in India and overseas.

Due to a financial crisis in Moser Baer, NCLT ordered its liquidation and the land was put to auction through liquidator firm, facilitating the entire e-auction process.

Sawasdee Group was declared as "successful bidder" on March 26, 2019 and 25 percent of the total amount has been paid while the rest of the amount will be paid within 15 days. The entire bid amount would be self-funded by Sawasdee Group, the statement said.

The group plans to launch an industrial project on this plot soon, the statement said.

"The deal is part of the e-auction, where Moser Baer India Ltd.’s liquidation was ordered by NCLT. We have purchased these assets for a value of Rs 72 crore with other expenses," said Pradeep Kumar Agrawalla, Chairman Sawasdee Group and ex-president, Indian Thai Chamber of Commerce, Thailand.

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Moneycontrol News
first published: Mar 28, 2019 12:43 pm
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