+
DAKC will be up for sale
Real Estate

DAKC will be up for sale

Reliance Realty Ltd. (RRL) and Campion Properties Ltd. (CPL), two subsidiaries of Reliance Communications (RCom), have begun selling properties, including the Dhirubhai Ambani Knowledge City (DAKC) complex, which housed the bankrupt telco's headquarters.

In a filing, RCom stated, "...the board of directors of two wholly owned RCom subsidiaries, RRL and CPL (referred to as "selling companies") have approved initiation of sale process for certain properties owned by such selling companies"—including the DAKC.

Since RCom is their sole shareholder, the bankrupt telco, which is undergoing insolvency proceedings, claimed that both selling companies had informed it of the proposed sale procedure. The selling companies have informed us that the proposed process for finding potential buyers is being started. When the terms of the sale are finalised, they will each approach RCom for the necessary approvals in its capacity as (their) shareholder.

RCom added that despite the fact that the company's resolution professional has discussed the issue with the committee of creditors (CoC), the committee has not yet approved the sale of these properties.

Over the past four and a half years, RCom, Anil Ambani's telecom company, has been going through corporate insolvency resolution. In May of 2018, the business was taken to the bankruptcy courts, and in 2019 it began the Insolvency and Bankruptcy Code (IBC) process.

Reliance Realty Ltd. (RRL) and Campion Properties Ltd. (CPL), two subsidiaries of Reliance Communications (RCom), have begun selling properties, including the Dhirubhai Ambani Knowledge City (DAKC) complex, which housed the bankrupt telco's headquarters. In a filing, RCom stated, ...the board of directors of two wholly owned RCom subsidiaries, RRL and CPL (referred to as selling companies) have approved initiation of sale process for certain properties owned by such selling companies—including the DAKC. Since RCom is their sole shareholder, the bankrupt telco, which is undergoing insolvency proceedings, claimed that both selling companies had informed it of the proposed sale procedure. The selling companies have informed us that the proposed process for finding potential buyers is being started. When the terms of the sale are finalised, they will each approach RCom for the necessary approvals in its capacity as (their) shareholder. RCom added that despite the fact that the company's resolution professional has discussed the issue with the committee of creditors (CoC), the committee has not yet approved the sale of these properties. Over the past four and a half years, RCom, Anil Ambani's telecom company, has been going through corporate insolvency resolution. In May of 2018, the business was taken to the bankruptcy courts, and in 2019 it began the Insolvency and Bankruptcy Code (IBC) process.

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?