According to a source, Adani Goodhomes Pvt. is about to acquire Radius Estates and Developers Pvt. for 98% less than what the company's creditors demanded.
Adani proposed to pay financial creditors 319.7 million rupees ($4 million) as opposed to their demand for 16.58 billion rupees and 15.2 million rupees for the staff, claims the person, who requested to remain anonymous as this was a piece of secret information.
Additionally, the bidder, which is a division of the opulent Gautam Adani estate, has committed to providing Radius clients with 700 luxurious flats valued at more than Rs. 8 billion by June 2024.
Radius' former partner DB Realty informed the stock exchange on Monday that the National Company Law Tribunal had validated Adani's bid for the company, without providing any particular figures.
A petition by a few of Radius' creditors that stated irregularities in the bidding processes, was dismissed by the NCLT last year. There is no deadline for a decision; the case is currently awaiting in court.
An email addressed to the Adani group Monday evening after business hours in Mumbai requesting feedback received no response. The resolution specialist in charge of the Radius bankruptcy gave no immediate reply to the mail.
Ten BKC, a building in Mumbai's new financial sector, is the project that Adani could potentially take over if its proposal is accepted. The Bandra Kurla Complex, popularly known as BKC, is home to the regional and international bank offices for the South Asian country.
It is near Dharavi, the biggest slum in the world, which Adani has also been granted a contract to renovate. According to the source, Ten BKC will encompass 5 acres and generate 25 billion rupees in revenue once finished.
