Sahara extends bid deadline for 30 properties as Tata, Adani seek time

Properties are estimated to be worth about Rs 7,400 crore for Sahara. Deadline extended to May 20

The embattled Sahara group has extended the bidding deadline for sale of its 30 properties till May 20 as prospective buyers, which include Tatas, Godrej and Adani, have sought more time to complete due diligence.

Top consultant Knight Frank is auctioning the properties, estimated to be worth about Rs 7,400 crore for Sahara, which was asked by the Supreme Court to sell the assets.

Sources said the land parcels and other assets have generated huge interest among the prospective buyers, which also include Patanjali group, several real estate developers including Omaxe and Eldeco, as also HNIs and even a PSU.

Besides, Chennai-based Apollo Hospital has shown interest in acquiring Sahara Hospital in Lucknow.

While more than 250 expressions of interest (EOIs) were received by Knight Frank India, sources said the interested parties have sought more time to complete due diligence and other formalities before submission of final bids which necessitated the extension of the deadline.

When contacted, a Sahara spokesperson confirmed that the deadline has been extended.

"In view of the demand from prospective buyers for extra time to complete the due diligence, we have extended the timelines to May 20, 2017," the spokesperson said in reply.

There have been apprehensions that the valuation could get impacted due to a hurry in getting the deals closed within a short time because of an urgency on part of Sahara to get the money and deposit the same with regulator Sebi as per the Supreme Court's directions.

"The advertisement got an overwhelming response. Over 250 EOIs have been received. EOIs have been received for all sites with the majority of sites having multiple EOIs," Knight Frank India had earlier said.

"The process is an intense one that constitutes due diligence, site inspections, financial bids and shall culminate on finalisation of the successful bidder," it added.