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Adani Infrastructure Wins Auction for Anil Ltd's Land Assets

2023-06-29

Adani Infrastructure and Developers Pvt Ltd has won the auction for Anil Ltd's land assets. Adani Group would pay Rs 3.25 billion for 1.45 lakh square meters of land owned by Anil Ltd.

According to a National Company Law Tribunal [NCLT] judgment, Adani Infra has paid Rs 700 million so far and would pay the balance Rs 2.55 billion soon.

Adani Infra will build an ambitious real estate project on this massive land piece in Ahmedabad's Bapunagar neighborhood.

Anil Ltd's liquidation commenced in October 2018, and the process of selling off its land is currently underway. Previously, Westcoast Infraprojects Pvt Ltd offered Rs 3.75 billion for the land but was unable to make the payment, hence the auction was canceled. Adani Infrastructure and Developers Pvt Ltd was the winning bidder in the latest auction, with a price of Rs 3.25 billion.

“In its last order, NCLT asked Adani Infra to pay the remaining Rs 2.55 billion once it gets confirmation from the liquidation that the attachment by the state tax department has been lifted. We hope the transaction is completed soon,” said R D Choudhary, the liquidator of Anil Ltd.

According to section 53 of the Insolvency and Bankruptcy Code [IBC] 2016 and instructions of the NCLT's Ahmedabad bench, Adani Infrastructure and Developers Pvt Ltd shall pay Rs 325 crore to secured creditors and workers through the liquidator.