Creditors of Lavasa township receive two new bidders

12 Aug 2021 CW Team

Lavasa township, controlled by Hindustan Construction Company (HCC), has received two more bids for its Rs 6,000 crore loans outstanding in the third round of bidding for the debt-laden company.

According to the sources, two bids from Alchemist ARC, president of the company, Srishti Dhir, along with Madhav Dhir, and the Darwin Projects are being considered by the lenders. Srishti confirmed that she had bid in her capacity in association with Madhav.

The bid amount of Darwin Projects is Rs 750 crore, while Dhir’s have a bid amount of Rs 550 crore, and the bids are at 88% and 91%, respectively. The upfront cash offered by the bidders is less than Rs 100 crore, which is less attractive for the creditors.

The lead lender of the project is Union Bank of India (UBI), with an outstanding loan of Rs 600 crore. Other lenders are Bank of India, State Bank of India (SBI), Axis Bank, and Punjab National Bank. Creditors include L&T Finance along with asset reconstruction companies, Arcil, Acre, and Edelweiss.

In 2018, due to multiple pullbacks by the bidders, the lenders were frustrated because the account was taken to the National Company Law Tribunal (NCLT).

In November 2020, three bids were considered, including a Pune-based realty developer, Anirudh Deshpande, and a Dubai-based fund. Previously, Haldiram Snacks and Oberoi Realty pulled back due to Covid-19 uncertainties.

Dhir acknowledged the challenges of the project but has confidence that she can work with the company to clear the issue. Dhir also plans to launch a hotel in partnership with a renowned company.

Image Source

Also read: Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..