UK developer offers Rs 6,370 cr for Sahara’s London hotel

  • Bhadra Sinha, Hindustan Times, New Delhi
  • Updated: Aug 14, 2015 23:46 IST
File photo of Grosvenor House Hotel in London. (Picture credit: Wikipedia)

A UK-based developer-cum-financier has shown interest in buying Sahara’s Grosvenor House Hotel (GHH) in London for Rs 6,370 crore (£637 million).

Moving an application before the Supreme Court, the company has sought immediate endorsement and approval of its offer for the purchase in a “transparent manner and in the interest of the nation”.

The company, Kane Capital Partners Ltd, stated it is willing to purchase the London hotel free from any debts and encumbrances on an ‘as is’ basis for £637 million.

It told the court that it had the financial capacity to purchase GHH and placed a letter by the HSBC bank as proof. The money, it said, can be transferred within seven banking days into its solicitors designated client escrow account.

Another application was filed Friday before the top court by New-York based agent Sheerji Tagore informing the court as to how Sahara had twice declined offers made by prospective buyers to purchase their two hotels there.

Tagore has asked the SC to clarify the parameters of the agreement between Sahara and Reuben Brothers. The latter has bought out Sahara’s debt from the Bank of China, which gave Sahara loans for buying the GHH and, the New York Plaza and the New York Dream hotels.

also read

Cyrus Mistry removed as Tata Sons chief, Ratan Tata is interim chairman
Show comments