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August 31, 2015 5:08 AM ET

Industrial Conglomerates

Company Overview of Sahara India Pariwar Ltd.

Company Overview

Sahara India Pariwar Ltd. operates as a business conglomerate. The company, through its subsidiaries, offers life insurance plans, asset management services, mutual funds in debt and equity segments, and housing finance solutions. It also engages in building gated townships, luxury residences, leisure and entertainment facilities, indoor and outdoor sports facilities, restaurants and banquets, hotels, hospitals, and other residential and commercial building projects; acquiring and building national and international hotels, convention centers, golf resorts, and project investments; and providing real estate and lifestyle services. In addition, the company operates a power plant to generate p...

Sahara Shaher

Gomti Nagar

Lucknow,  10

India

Founded in 1978

Phone:

91 52 2230 4260

Fax:

91 52 2239 5411

Key Executives for Sahara India Pariwar Ltd.

Chairman and Managing Worker
Age: 62
Executive Director
Age: 35
Asst General Manager of Sahara India Product Division
Compensation as of Fiscal Year 2015.

Sahara India Pariwar Ltd. Key Developments

Firms Eyeing Sahara’s Overseas Assets

Sahara India Pariwar Ltd.’s assets may be sold. Two foreign firms filed separate applications in the Supreme Court seeking approval to acquire Sahara’s three hotels for nearly INR 120 billion, but the company has rejected the offers saying that it was getting INR 380 billion for the overseas properties. APJ Chambers filed the two applications. On behalf of Kane Capital Partners Limited has filed to bid for Grosvenor House Hotel for INR 63.7 billion. Madison Capital, LLC is eyeing Dream Downtown Hotel and The Plaza Hotel for INR 55 billion. Kane’s senior advocate, Subramaonium Prasad said that its bid for Grosvenor House alone would satisfy the liability of Sahara group towards Bank of China's loan. APJ’s Prashant Kumar said, “When my client sent the final offer along with letter of intent for buying 70% of stakes in the Plaza and 80% in Dream Downtown to the concerned person, it was asked to forward it to Lalit Modi in London. It was told that Lalit Modi would take a call on behalf of Sahara.”

Sahara Not selling Hotels to Kane Capital; Says Exploring Other Options

Sahara India Pariwar Ltd. denied selling Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels to Kane Capital Partners Limited. Sahara India told the Supreme Court on August 17, 2015 that it will not sell its three overseas hotels. We will develop these properties. All these persons are looking to grab these properties. These properties have huge potential," Kapil Sibal, appearing for the Group, told a bench led by Justice TS Thakur. Sibal supplied the documents and the memorandum of understanding signed with some of those entities in a sealed cover and added "hopefully, we will give some good news in next 7-10 days before the scheduled hearing on September 14."

Kane Capital Makes INR 63.7 Billion bid For Grosvenor House Hotel; Approaches Supreme Court

Kane Capital Partners Limited made a proposal to acquire Grosvenor House Hotel from Sahara India Pariwar Ltd. for INR 63.7 Billion on August 15, 2015. Kane Capital has approached Supreme Court before a bench headed by Justice TS Thakur which will examine the offer on August 17, 2015. Kane Capital also informed the court that it can transfer the amount within seven banking days to an escrow account and its banker HSBC Bank had furnished proof of funds, which have been provided to the court to show its seriousness.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 3, 2015
45.71 acres of Land in Gorakhpur, Uttar Pradesh
Merger/Acquisition
December 4, 2014
185 acre of Land in Gurgaon
Merger/Acquisition
November 29, 2014
265 Acres Plot in Naigaon, Vasai
 

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