London/New Delhi: Scurrying for funds, embattled Sahara group has got a USD 1.3 billion offer from a new suitor for its three prized overseas hotels including the Grosvenor House and Park Plaza.
A consortium of family office investors, comprising of Jesdev Saggar-led 3 Associates of the UK and others from the Middle East, has made the offer to acquire Sahara group's majority stake in the three marquee hotel properties -- the famed Grosvenor House in London, Park Plaza and Dream Downtown hotels in New York.
When contacted, Mr Saggar, Managing Director at 3 Associates, told PTI they have made a "very compelling offer" and it was a long-term investment opportunity for them.
"This is a long-term investment opportunity for us. We have submitted a very compelling offer. It is now up to the Supreme Court and the Roy family," he said.
While there were no immediate comments from Sahara group on whether it considered the latest bid to be good to be accepted, it may trigger a bidding war as the beleaguered Indian group was already in talks with Qatar-based investors for a potential deal for these hotels.
3 Associates founders and its Multi Family office network has completed over 314 million pounds worth transactions since 2014, including hotels and commercial offices in the UK, UAE and India.
It claims to have "access to one of the largest pools of family office equity in the Middle East".
When asked whether they were looking at more assets in the UK and other places of other distressed Indian groups, Mr Saggar said, "We are focused on the UK".
Sahara group, whose chief Subrata Roy was in jail for over two years in connection with a long-running dispute with markets regulator Sebi and is currently out on parole, has been trying hard to raise funds including through refinancing of loans on its overseas hotels.
A consortium of family office investors, comprising of Jesdev Saggar-led 3 Associates of the UK and others from the Middle East, has made the offer to acquire Sahara group's majority stake in the three marquee hotel properties -- the famed Grosvenor House in London, Park Plaza and Dream Downtown hotels in New York.
When contacted, Mr Saggar, Managing Director at 3 Associates, told PTI they have made a "very compelling offer" and it was a long-term investment opportunity for them.
While there were no immediate comments from Sahara group on whether it considered the latest bid to be good to be accepted, it may trigger a bidding war as the beleaguered Indian group was already in talks with Qatar-based investors for a potential deal for these hotels.
Advertisement
It claims to have "access to one of the largest pools of family office equity in the Middle East".
Advertisement
Sahara group, whose chief Subrata Roy was in jail for over two years in connection with a long-running dispute with markets regulator Sebi and is currently out on parole, has been trying hard to raise funds including through refinancing of loans on its overseas hotels.
COMMENTS
Advertisement
Raids At Cooperative Society, Sahara Group In Rs 24,000 Crore Fraud Case ''Alien-Looking Planet'': NASA Video Captures Stunning View Of Sahara Desert From Space Who Will Get Sahara's Rs 25,000 Crore Funds Lying In SEBI Account? Amid Huge Row, Karnataka Pauses Bill For Reservation In Private Sector Firms Travel Influencer Aanvi Kamdar Dies After Falling Off A Waterfall Near Mumbai UP Banker Dies By Suicide After 6 Months Of Bullying, Body-Shaming Major Crackdown Launched On Terror Network In J&K After Doda Encounter UK's New Government Vows To Remove 92 Unelected Peers From Upper House EU's Carbon Tax Could Cost India 0.05% Of GDP: Report Track Latest News Live on NDTV.com and get news updates from India and around the world.