Adani Infrastructure Acquires Anil Ltd's Plot for Rs 325 Crore
By Bricksnwall | 2023-06-29
Infrastructure and Developers Pvt Ltd have successfully bid for the land assets
of Anil Ltd, acquiring 1.45 lakh square meters of land in Ahmedabad for a sum
of Rs 325 crore. Sources reveal that Adani Infra has paid Rs 70 crore thus far
and will settle the remaining Rs 255 crore shortly, as per the National Company
Law Tribunal (NCLT) order.
Market sources indicate that Adani Infra has
ambitious plans to launch a significant real estate project on this substantial
land parcel located in the Bapunagar area of Ahmedabad.
The liquidation process of Anil Ltd commenced in
October 2018, and the sale of its land assets has been underway. Previously,
Westcoast Infraprojects Pvt Ltd had bid Rs 375 crore for the plot but failed to
complete the payment, resulting in the cancellation of the auction. In the
recent auction, Adani Infrastructure and Developers Pvt Ltd emerged as the
successful bidder with a bid of Rs 325 crore.
R.D. Choudhary, the liquidator of Anil Ltd, stated,
"In its latest order, NCLT has directed Adani Infra to make the remaining
payment of Rs 255 crore once the state tax department confirms that the
attachment has been lifted. We anticipate the completion of the transaction in
Choudhary further mentioned that Adani Infrastructure and
Developers Pvt Ltd will disburse the Rs 325 crore through the liquidator to
secured creditors and workers in compliance with Section 53 of the Insolvency
and Bankruptcy Code (IBC) 2016 and the orders of the Ahmedabad bench of the
An Adani Group spokesperson declined to comment on
the development. The plot's prime location, with the renowned Anil Starch Road,
adds to its appeal.
Reliable sources indicate that Adani Infrastructure and Developers Pvt Ltd will embark on an extensive real estate project on the acquired land. "The project is likely to be executed in phases following the completion of the acquisition process," stated a source familiar with the matter.