Sahara to sell 3 overseas hotels to Qatar Investment for $1.6 billion

Sahara and Qatar Investment Authority have drafted a share purchase agreement with the Qatar Investment seeking nod from the Supreme Court for the sale process for which it will file an application on Friday.

Twitter: @Grosvenor_House

Zee Media Bureau

New Delhi: Qatar Investment Authority is keen to buy Sahara's stake in 3 overseas hotels for $1.6 billion, as per a CNBC TV 18 report.

The 3 hotels include Grosvenor House, New York Plaza and Dream Downtown in New York.

Sahara and Qatar Investment Authority have drafted a share purchase agreement. Qatar Investment Authority will seek nod from the Supreme Court for the sale process for which it will file an application on Friday.

The CNBC TV 18 report further said that Sahara's application seeking the nod is likely to be taken up by SC on July 11.

After the Apex Court's nod, the it will take about two months to complete the deal. From the sale proceeds, $955 million will be paid to Reuben Bros, the report further said.

In August 2015, it was reported that two private firms had reportedly move the Supreme Court of India to buy the group's overseas properties, i.e. the three hotels.

The two firms were identified as Kane Capital Partners Limited, a Britain-based property developer and financier, and an overseas real estate agent.

While the UK-based firm was willing to purchase the Grosvenor House Hotel, the real estate agent has sought clarification on the parameters that Sahara would follow in disposing of its two New York hotels, the report had said.

The UK firm has offered to pay 637,000,000 million British Pound Sterling, translating to approximately Rs.6,370 crore.

For interim bail of 67-year-old Roy, the court had put conditions like depositing Rs 5,000 crore in cash and a bank guarantee of equal amount and tough terms including payment of the entire Rs 36,000 crore, which includes interest, in 18 months to SEBI-Sahara account. The money will be paid back to the investors of Sahara.

Roy is in jail since March 4, 2014 with two other directors of Sahara companies -- Ravi Shankar Dubey and Ashok Roy Choudhary.

With Agency Inputs