Sahara, ICICI, Bhushan Steel in fray to buy Parsvnath land

Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal are understood to be in the race among others to acquire Parsvnath Developers’ 1.18 acre of prime commercial land near Connaught Place in New Delhi.

Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal are understood to be in the race among others to acquire Parsvnath Developers’ 1.18 acre of prime commercial land near Connaught Place in New Delhi.

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In January, Parsvnath had announced plans to monetise the Kasturba Gandhi Marg land, which it had bought for Rs 200 crore in 2008. It is eyeing about Rs 700 crore from sale of this land.

“The first round of bidding and due diligence have been already completed. The process will be expedited now as the company was waiting for the building plans approvals before it starts negotiation with potential buyer,” a source, who is involved in the process, said.

When contacted, Parsvnath Developers chairman Pradeep Jain said: “The process for sale of this land is on. We can not comment any further.”