Kotak Investment Advisor to infuse Rs 4.5 billion to revive Supertech

14 Aug 2024 CW Team

Kotak Investment Advisor Ltd (KIAL) has committed to investing Rs 4.5 billion to revive Supertech's stalled project in Sector 94, Noida. This investment will cover Rs 3.1 billion to settle existing lenders, enabling the resumption of construction on the 5 million sq ft project, which is currently 50% completed and features NCR's tallest residential tower. The project's total revenue potential exceeds Rs 70 billion.

The Noida Authority, which is owed Rs 33.19 billion from the project, has instructed KIAL to deposit Rs 500 million. An agreement will be established between Supertech, KIAL, and the Noida Authority to open an escrow account for this purpose.

"We decided to involve Kotak to repay existing lenders and fund the completion of the project. The Noida Authority's board has approved Kotak?s proposal, and land dues will be cleared through the escrow account. Kotak will pay Rs 3.1 billion to provide an exit for existing lenders," said R K Arora, Chairman, Supertech.

The Supernova project includes four towers: Spira, the Iconic Tower (India's tallest mixed-use development at 80 floors and 300 meters), Nova East, Nova West, and Astralis Tower. While most residential units have been delivered the construction of a mall and serviced apartments remains.

This revival effort is expected to also enable Supertech to restart other long-stalled projects. The company has over 15,000 homes to deliver and its total liabilities, including dues to banks and development authorities, amount to approximately Rs 80 billion. However, the receivables from both launched and future projects exceed Rs 140 billion, indicating a positive net worth. Supertech has proposed a revival plan to the Uttar Pradesh government and is also in the process of selling land parcels to exit lenders and accelerate construction on other stalled projects. (ET)

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..