Adani Infrastructure and Developers Pvt Ltd have secured the bid for the land assets of Anil Ltd. The Adani Group will acquire a substantial 1.45 lakh square meters of land from Anil Ltd for a total amount of Rs 325 crore.
Adani Infrastructure has already made an initial payment of Rs 70 crore and is expected to settle the remaining amount of Rs 255 crore shortly, as directed by a National Company Law Tribunal (NCLT) order.
Market sources indicate that Adani Infra has ambitious plans for this extensive land parcel located in the prime Bapunagar area of Ahmedabad. The company intends to launch a large-scale real estate project, taking advantage of the favorable location.
The liquidation process for Anil Ltd commenced in October 2018, and the sale of its land assets has been underway. Previously, Westcoast Infraprojects Pvt Ltd had bid Rs 375 crore for the plot; however, they failed to fulfill the payment, resulting in the cancellation of the auction. In the recent auction, Adani Infrastructure and Developers Pvt Ltd emerged as the successful bidder with a bid of Rs 325 crore.
R.D. Choudhary, the liquidator of Anil Ltd, stated, “In its previous order, the NCLT instructed Adani Infra to make the remaining payment of Rs 255 crore once the liquidator confirms that the attachment by the state tax department has been lifted. We anticipate the completion of this transaction in the near future.”
Choudhary further added that Adani Infrastructure and Developers Pvt Ltd will distribute the Rs 325 crore to secured creditors and workers through the liquidator, following the provisions of Section 53 of the Insolvency and Bankruptcy Code (IBC) 2016 and the orders of the Ahmedabad bench of the NCLT.
The Adani Group declined to provide any statement regarding this development. The land plot holds significant value, primarily due to its strategic location on Anil Starch Road.
Reliable sources indicate that Adani Infrastructure and Developers Pvt Ltd has ambitious plans for a large-scale real estate project on the acquired land. “The project is likely to be developed in phases once the acquisition process is finalized,” disclosed a source familiar with the matter.