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Adani Infra Wins Auction for Anil's Plot

The liquidation of Anil Ltd began in October 2018.

30 , June , 2023

In a recent development, Adani Infrastructure and Developers Pvt Ltd has won the bid for the land assets of Anil Ltd. Adani Group will be acquiring 1.45 lakh square metres of land belonging to Anil Ltd for Rs 325 crore. According to sources, Adani Infra has paid Rs 70 crore so far and will pay the remaining Rs 255 crore shortly, according to a National Company Law Tribunal (NCLT) order. 

If market sources are to be believed, Adani Infra will launch a real estate project on this huge land parcel in the Bapunagar area of Ahmedabad. The liquidation of Anil Ltd began in October 2018 and the procedure to sell off its land is underway. 

Recently, Westcoast Infraprojects Pvt Ltd had bid Rs 375 crore for the plot but could not come up with the payment and the auction was cancelled. Adani Infrastructure and Developers Pvt Ltd recently emerged as the successful bidder in the new auction and with a bid of Rs 325 crore. 

"In its last order, NCLT asked Adani Infra to pay the remaining Rs 255 crore once it gets confirmation from the liquidator that the attachment by the state tax department has been lifted. We hope the transaction is completed soon," said R D Choudhary, the liquidator of Anil Ltd. 

He added that Adani Infrastructure and Developers Pvt Ltd will pay Rs 325 crore through the liquidator to secured creditors and workers according to Section 53 of the Insolvency and Bankruptcy Code (IBC) 2016 and orders of the Ahmedabad bench of the NCLT. An Adani Group spokesperson declined to comment on the development. The plot is in a good location, with the Anil Starch Road being well known. Reliable sources said Adani Infrastructure and Developers Pvt Ltd will come up with a massive real estate project. "It may be developed in phases once the acquisition process is completed," a source familiar with the development said.


 
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