Adani Group eyes dozens of Sahara assets to build land bank

Adani Properties is seeking court approval to acquire 87 properties including hotels and malls from Sahara Group, in a move that could bolster the Gautam Adani-led conglomerate's real estate holdings.

Adani Group Chairman Gautam Adani. (Bloomberg)

Sahara Group, founded by the late Subrata Roy, is seeking to sell its hotels, shopping centres, and residential and office buildings to raise funds to repay billions of dollars to investors who put their money in a bond scheme that was later ruled to be illegal.

Adani is seeking to buy all of those assets, its lawyer Mukul Rohatgi told the Supreme Court on Tuesday. He did not say how much Adani Group was offering for the properties.

The Supreme Court, which has been overseeing how Sahara Group repays its investors, has asked government agencies for their views on the proposal and will next hear the case in November.

Adani Group and Sahara did not respond to emails seeking comment.

Adani Properties is the unlisted arm of the power-to-coal conglomerate, which is redeveloping Asia's densest slum Dharavi in Mumbai.

One of Sahara's marquee properties is a 9,000-acre luxury township — Aamby Valley — situated near Mumbai. It includes an airstrip, golf course, manmade lakes and luxury villas.

A source with direct knowledge of Adani's plans said that the Sahara portfolio would give it access to a huge land bank, as the list of properties includes land parcels. “It also helps Adani get into hospitality as (luxury Hotel) Sahara Star is also included in this, and so is Aamby Valley,” the source said.