NOIDA: The Sawasdee Group has acquired Moser Baer India’s 60,000 sq metre land through an online auction for Rs 72 crore, the Noida-based real estate group has said.
The group, formally known as the Galaxy Group, has been developing residential and commercial projects in Greater Noida (West) and has now acquired this land parcel in Noida’s Sector 80, the group said in a statement.
“The deal is part of the e-auction, where Moser Baer India Ltd’s liquidation was ordered by the National Compnay Law Tribunal (NCLT). We have purchased these assets for a value of Rs 72 crore with other expenses,” Sawasdee Group Chairman Pradeep Kumar Agrawalla said.
The Sawasdee Group was declared the successful bidder March 26, and 25 per cent of the total amount was paid within 24 hours, according to the terms of the auction. The rest of the amount will be paid within 15 days, the group said in a statement.
“The total size of the land is approx 60,000 sq metre and is an industrial plot. Due to the financial crisis in Moser Baer India, NCLT ordered its liquidation and the land was put to auction through liquidator firm, facilitating the entire e-auction process,” it said.
The entire bid amount would be self-funded by the group which soon plans to launch an industrial project at the location that will create a lot of employment opportunities.
“With connectivity easing towards Noida and Jewar airport (coming up soon), the industrial growth will be humongous at Noida in coming times. We have already paid 25 per cent of the value of the auctioned plot and will pay the rest amount according to the terms of the auction. The entire investment would be self-funded and we will be raising no debt to finance the project,” Agrawalla said. PTI