Last year a consortium led by Haldiram Snacks and two property developers, namely Pioneer Facor IT Infradevelopers and Sanar Property had expressed interest in bidding for the hill city. It is unclear whether they have submitted final bids.
NGT order came after observing that Prayeja City I and Prayeja City - II has not taken prior Environmental Clearance, the Consent to Establish and the Consent to Operate under the Water (Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act, 1981.
The subsidiary is proposing to raise Rs 150 crore through non-convertible debentures (NCDs), which will also be backed by the Puravankara Group. At the end of financial year 2019-20 (April-March) Jaganmata had Rs 35.1 crore of debt outstanding, which was held entirely by the parent company.