Adani Nears Purchase of Bankrupt Mumbai Builder at 98% Discount
- Project is located in city’s new financial district BKC
- Estimated to earn 25 billion revenue when complete: source
Gautam Adani
Photographer: Abhijit Bhatlekar/Bloomberg
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Adani Goodhomes Pvt. is a step closer to acquiring Radius Estates and Developers Pvt. at a 98% discount to what the bankrupt company’s creditors had been seeking, according to a person with knowledge of the matter.
Adani offered to pay 319.7 million rupees ($4 million) to financial creditors, compared with their ask for 16.58 billion rupees and 15.2 million rupees to employees, the person said, asking not to be identified as the details are private. The acquirer, part of billionaire Gautam Adani’s empire, has also promised to deliver some 700 luxury apartments worth more than 8 billion rupees to Radius clients by June 2024.