Max Estates Acquires Gurugram Land for Rs 30 Billion Project
Max Estates Limited has secured development rights for a 7.25-acre land parcel in Sector 59, Gurugram, situated along the prestigious Golf Course Extension Road. The company announced in a regulatory filing on 6 September that it will develop a premium residential project on the site, with an estimated booking value exceeding Rs 30 billion.As part of the transaction, the company’s board has approved acquiring full ownership of Base Buildwell Private Limited (BBPL), the special purpose vehicle holding the licence and development rights for the plot. The acquisition remains subject to regulato..
Vedanta Tops Rs 170 Billion Bid for Jaiprakash Assets
The Anil Agarwal-led Vedanta Group has emerged as the highest bidder for the debt-ridden Jaiprakash Associates Ltd (JAL), surpassing the Adani Group with a Rs 170 billion bid in a challenge auction conducted by lenders, according to individuals familiar with the matter.With a net present value of Rs 125.05 billion, Vedanta’s offer marks the most substantial recovery plan for JAL so far. However, lenders, who have admitted claims exceeding Rs 590 billion, would still face a haircut of approximately 71 per cent. Despite other shortlisted contenders such as Dalmia Bharat, Jindal Power, and PNC ..
State Defends Cement Land Deal in High Court
The Assam government informed the Gauhati High Court that it had adhered to the due process of law while leasing 3,000 bighas of land to Mahabal Cement for the establishment of an integrated cement plant in Dima Hasao district.Appearing before the court, State Advocate General Devajit Saikia clarified that construction activities would only begin after obtaining clearances from the Union Ministry of Environment and Forests as well as the Pollution Control Board. He presented a report from a government-appointed three-member committee which assessed the allotment’s legality, land suitability,..
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