The Sahara Group has acquired a 25-acre plot in Bangalore's information technology hub Whitefield, originally owned by the television and white goods maker BPL, for Rs 149 crore, and plans to build offices and a hotel there.
The real estate to retail conglomerate Sahara has bought the plot of land from the Asset Reconstruction Company of India (Arcil), which had picked it up under the SARFAESI Act from a clutch of banks and financial Institutions after BPL defaulted on its debt payments a few years ago.
Sahara confirmed the transaction. "The assets have been acquired from Arcil and will be utilised as per the main objects of the company. The payments were made as per the terms of bidding process and till date we have paid Rs 100 crore," Abhijit Sarkar, head of corporate communications for the group, said.
Arcil did not respond to an email sent by Media.
The land was owned by two BPL group companies, BS Appliances and BS Refrigerators. Arcil acquired this property under SARFAESI Act from various banks and financial Institutions after BPL defaulted on its debts payment.
According to the terms of the bid, this land in Whitefield can only be used for a commercial development. Sahara is planning to build a mixed-used commercial building here which will have a hotel and an office tower, said sources, who did not want to be named.
Sahara, however, did not specify the kind of development it is planning.
The tender document floated by Arcil quoted a reserve price for the two land parcels owned by BS Appliances and BS Refrigerators at 39 crore and 55 crore, respectively. It mentioned that the successful bidder would have to pay dues of around 49.37 crore to the Karnataka Industrial Area Development Board to get the sale deed and also clear labour dues.
Sahara's group companies Sahara India Real Estate Corp and Sahara Housing Investment Corp were recently under the spotlight with the market regulator Sebi charging them for illegalities in raising funds.
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