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co-presented by
ASSOCIATE SPONSORS
The coronavirus pandemic is seen as a major factor behind the fall in the overall wealth of the UK's richest people.
CNBC-TV18 has learnt from sources that Qatar Investment Authority has agreed to buy Sahara's stake in its 3 overseas hotels - Grosvenor House (London), New York Plaza and Dream Downtown (NY) for USD 1.6 billion.
Beleaguered Sahara group seems headed for a fresh blow with the mortgage holders of its prized overseas hotel assets reportedly readying a billion- dollar auction for the iconic Plaza and trendy Dream Downtown properties here next month.
The cash strapped Sahara Group has managed to strike a deal with the Reuben Brothers to extend the loan repayment of USD 850 million. The deadline for repayment was extended from October 8 to November 30.
The Subrata Roy-owned company is hoping to raise over USD 750 million for Roy's bail.
The lawsuit has been filed by Hong Kong-based JTS Trading Ltd, which had proposed to partner UAE-based Trinity White City Ventures and arrange loans from Swiss banking giant UBS to acquire the crisis-ridden Indian group‘s three overseas hotels—Grosvenor House in London and the two in New York.
A last-minute takeover by a Switzerland-based PE firm of the Bank of China's USD 850 million loan to Sahara means that the latter‘s Grosvenor House property does not have to go under the hammer just yet.
