Final bids for Lavasa Corporation scheduled on November 20

Sources said that there are six to seven new companies that have submitted their Expression of Interest, while some bidders are in talks about opting for a joint bid on the project.

File photo
File photo

PUNE: The lenders to Lavasa Corporation have set the final date for bidding as November 20 for those interested in taking over the operations.

Sources said that there are six to seven new companies that have submitted their Expression of Interest, while some bidders are in talks about opting for a joint bid on the project. “We are expecting the process to take off after bid submissions as it has been constantly postponed for one reason or the other,” said sources operating Lavasa Corporation.

With the current economic slowdown, the response has not been as expected even currently, sources said. The threat is that if the project fails to attract bidders then lenders will have no option but to liquidate the company. “Once the bids are finalized it will take at least a year to execute the entire process,” stated the source.

Oberoi RealtyHaldiram Snacks, Pune-based builder Aniruddha Deshpande and US fund Inter Ups were among bidders that had shown an interest in the project. Deshpande said, “We had earlier approached National Company Law Tribunal (NCLT) to take on all the subsidiary companies of Lavasa Corporation, which has been done. Now, we are in advanced talks with another company that has bid. As it is a big project and considering the present economic slowdown, it is better to go for a joint bid to reduce financial risk.”.