Bhaskar Group bids for Super Bazar

A consortium led by media group Dainik Bhaskar is understood to have made a Rs 325 crore bid for reviving the ailing shopping cooperative, Super Bazar, in the national capital.

According to sources, the media group made the highest bid in collaboration with three other companies, followed by a Rs 265 crore offer by Indian Potash, whose earlier joint bid with Indian Labour Cooperative Society to turn around Super Bazar failed.

National Cooperative Consumer Federation of India along with Pantaloon Retail too made a Rs 250 crore offer to bail out the cooperative.

The bids were received following the Supreme Court's direction on July 12 to the official liquidator and the Central Registrar of Cooperative Society for inviting fresh bids within four weeks.

Earlier, the consortium of IPL and ILCS had offered to nurse Super Bazar back to health after Reliance Industries, which had proposed to infuse Rs 288 crore, withdrew from the race.

The official liquidator and the Central Registrar of Cooperative Society will submit their the report to the court within a week after the court-appointed committee examines the new bids.