M&A
Yogayatan Group emerges top bidder for bankrupt Lavasa Corp at Rs.795-Cr
Mumbai-based Yogayatan Group has emerged as the highest bidder for the debt-laden Lavasa Corporation , increasing its bid to INR 795 crore on a net present value (NPV) basis from INR 725 crore previously.Among the other bidders, Valor Estates (formerly DB Realty) offered INR 771 crore. Welspun Group also increased its bid to INR 785 crore on an NPV basis from INR 750 crore in the first round.Lavasa was promoted as India’s first privately built and managed city, targeting the urban rich from Mumbai and Pune wanting to escape the noise and pollution of their cities. Modelled after the Italian fishing village, Portofino, it was planned like a gated city with space for a golf course, rowing, and even a football academy. However, it went bust and was admitted to bankruptcy in 2018.Lavasa was promoted by HCC (68.72% shareholding), an Ajit Gulabchand-promoted business group engaged in engineering, construction, and urban infrastructure development.Yogayatan Group is involved in power generation and distribution, real estate development, and port operations
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