M3M India, Salarpuria Sattva, others bid to acquire Dignity Buildcon in Gurugram

NEW DELHI: Realty firms M3M India, Salarpuria Sattva and Ahmedabad-based Safal group as well as businessman Madhav Dhir have put in separate bids to acquire a commercial project in Gurugram through an insolvency process, sources said.

They have submitted resolution plans to acquire debt-ridden Dignity Buildcon, which owns three commercial towers on the Golf Course Extension Road, Gurugram. The buildings in the tower are almost complete, they added.

According to the sources, M3M has offered around Rs 530 crore. The bids of Safal group and Salarpuria Sattva are valued at Rs 487 crore and Rs 417 crore, respectively. Madhav Dhir — son of Alchemist ARC’s promoter Alok Dhir — has put in a bid for Rs 491 crore.

All the four bidders have offered to pay some amount upfront to creditors and the rest in installments over the next three to four years, the sources said.

Further, the sources said that M3M has offered Rs 21 crore upfront and rest will be paid in four-yearly installments. Salarpuria Sattva has offered an upfront amount of Rs 125 crore while Safal group and Madhav Dhir have offered around Rs 80 crore each.

Dignity Buildcon has a debt of over Rs 1,000 crore. Blackstone, Standard Chartered and Alchemist group are the major lenders and are also part of the Committee of Creditors (CoC), the sources said.

There are eight financial creditors, including three Blackstone group firms.

The sources said the lenders will soon vote on the resolution plans submitted by the four parties.

Dignity Buildcon went into insolvency process last year.

When contacted, M3M group and Salarpuria declined to comment while Safal group and Madhav Dhir could not be contacted for comments.

Gurugram-based M3M group is a leading realty firm in the national capital region. It has sold properties worth Rs 2,000 crore and derived eight projects in the last six months. The company is also buiding the Trump Tower in Gurugram.

Bengaluru-based Salarpuria Sattva is a major real estate player in south India. It is mainly into commercial real estate.