Friday 20th of October 2017

Follow Us

Breaking News

Mauritius-based Royale Partners offers $1.67 billion fund for Sahara's Aamby Valley

New Delhi, Aug 12:-- A Mauritius-based investor, Royale Partners Investment Fund, on Friday said it has offered to invest $1.67 billion (over Rs10,700 crore) in embattled Sahara group’s Aamby Valley project, a press release from Sahara Corporate Communications said.

 

The investment offer, proposed as a debt arrangement, comes at a time when the Supreme Court has ordered auction of the Aamby Valley resort town between Mumbai and Pune in Maharashtra.

 

Sahara group pegs the market valuation of this project at over Rs 1 trillion. Royale Partners Investment Fund Limited, registered in Mauritius as a global business company, is owned by Dubai- headquartered RPMG Investment which is into investment management, private equity, asset management and proprietary trading.

 

Sahara’s advocate Gautam Awasthi, meanwhile, said in a statement that the group had moved an application before the Supreme Court seeking permission for entering into an agreement with Victor Koenig UK Limited, with the nominee Royale Partners Investment Fund Limited, for inviting an investment of $1.67 billion into its Aamby Valley project.


The Supreme Court on Thursday said the auction process will go on according to the schedule, but if Rs 1,500 crore is paid, as proposed by the group, into the Sebi-Sahara refund account by September 7, then it may pass an appropriate order.

 

The group had asked the court to postpone the auction, which is to start with publication of a notice on 14 August, till 16 September to enable Sahara group chief Subrata Roy arrange the money.

 

Sahara lawyer told the court that hotels in New York have been sold and soon money would be coming into the Sahara account after which Rs1,500 crore would be deposited into the Sebi-Sahara refund account by September 7, as had been directed by the court.

 

The Sahara group ha been engaged in a legal battle with SEBI since long for failing to refund billions of dollars to investors in a bond programme.

 

Related Business News

Dharmendra Pradhan inaugurates 1st phase of PNG supply system in Bhubaneswar

Bhubaneswar,Oct 20:-- Petroleum Minister Dharmendra Pradhan today inaugurated first phase of Piped Natural Gas supply system in Bhubaneswar, Odisha.   In the first phase, 255 houses in Nalco Nagar in Chandrasekharpur of Bhubaneswar were supplied with environment-friendly PNG.   As part of ....

Tanzanian Youths Win World Bank Essay Contest

Dar Es Salaam, Oct 20,(Fast Mail):-- Two Tanzanian youths have been selected winners of the #Blog4Dev Contest 2017 launched earlier this year by the World Bank.   With this victory, Aidan Constantine Nzumi and Charles Kapondo will travel to Washington D.C. to participate in the Spring Meetings ....

Europe and Central Asia Region Sees Stronger Growth, Amidst Rise in Migration

 Warsaw, Oct 20 ,(Fast Mail):-- Economic growth for the Europe and Central Asia region will reach 2.2% in 2017, according to the World Bank’s latest Regional Economic Update, Migration and Mobility in Europe and Central Asia. This represents the strongest growth in the region since 2011, ....

Poland’s GDP Growth to Reach 4% in 2017, Before Slowing Down in 2018, Says World Bank

Warsaw, Oct 20,(Fast Mail):-- Poland’s economic growth is projected to reach 4.0% in 2017, up from 2.7% in 2016, on the back of robust consumption, a strong labor market, and the child benefit program “Family 500+”, according to the World Bank’s latest Regional Economic Updat....

World Bank Treasury Hosted its 2nd Government Debt and Risk Management Program Roundtable

Washington,Oct 20,(Fast Mail):-- The World Bank Treasury has successfully concluded its second Government Debt and Risk Management (GDRM) Program Roundtable. The GDRM program, sponsored by the Swiss State Secretariat for Economic Affairs (SECO), supports middle-income countries to improve macroecono....

Links
Contact
Editor :
Jagadananda Pradhan
Email :
fastmailmedia@gmail.com
fastmail@yahoo.com
Mob :(+91) 9437155542
Ph : 06764 223911
Contact Us
© 2015 Fast Mail Media Pvt Ltd. All Rights Reserved.
Developed by : FM Media Pvt Ltd.