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Time of India
09-07-2025
- Business
- Time of India
Valor emerges as top bidder for Lavasa with ₹771-crore offer
Realty developer Valor Estate , formerly DB Realty , has emerged as the highest bidder for Lavasa Corporation with an offer of ₹771.09 crore on a net present value (NPV) basis, as part of the ongoing insolvency resolution process for the debt-laden hill city project near Pune, said people familiar with the development. Bids were invited under the 'challenge process' of the Corporate Insolvency Resolution Process (CIRP), which concluded on Tuesday. "The highest bidder was selected after a frenzied total of 10 bidding rounds," said one of the persons mentioned above. "The committee of creditors (CoC) will negotiate further with the applicant to maximise the value. The timeline for final plan submission and proof of funding will be shared separately." Other bidders in the fray included Welspun Group, Lodha Developers , Pride Purple Group, Jindal Steel & Power Group, and the Yogayatan Group. Welspun Group's ₹750 crore offer came second, while Yogayatan Group's bid was valued at ₹725 crore, based on NPV, which estimates a project's future profitability by discounting expected payments. ET could not ascertain the gross value of the bids. The CIRP for Lavasa was initiated under the Insolvency and Bankruptcy Code (IBC), 2016, after the company defaulted on its financial obligations. Lavasa, once pitched as India's first private hill city, slipped into financial distress amid regulatory delays, stalled construction, and mounting debts that eventually crossed ₹6,642 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold Container Homes in Zamboanga Del Norte - Prices You Won't Believe! Shipping Container Homes | Search Ads Search Now Undo As part of CIRP, the CoC had invited resolution plans from potential suitors to either revive the company or recover dues through sale of assets. This is the third major attempt to resolve Lavasa's insolvency, after previous bids, including a ₹1,814-crore plan approved in July 2023 from Darwin Platform Infrastructure (DPIL), failed due to non-payment of the upfront amount. "Though Valor has won the open challenge round, its bid, like those of most other bidders, is subject to the project getting environmental clearance (EC) which may not find favour with lenders. Since the last time banks had a bad experience, this time they will be more cautious, so the process is far from over now," a second person said. The tribunal allowed revival of the resolution process and let CoC to exclude the period from July 13, 2021, to January 3, 2022, from the resolution process. Live Events The process mandates a time-bound resolution, typically 180 days, extendable by another 90 days under exceptional circumstances. "The resolution plans are only at the draft stage and could be subject to change. Creditors will of course have their say," a third person said, adding that CoC is likely to meet later this week to decide on the future course of action. ET's email queries to EY-backed resolution professional Udayraj Patwardhan, Valor Estate, and process advisor to lenders BoB Capital Markets remained unanswered. In the backdrop of the complexity of Lavasa's land titles, pending regulatory approvals, and environmental concerns, the CoC recently invoked a 90-day extension to complete bid evaluation, legal vetting, and final selection of a resolution applicant. Valor's acquisition may mark a turning point in Lavasa's prolonged insolvency matter, reviving hopes for the stalled project's completion and eventual handover to homebuyers and creditors.
Fashion Network
05-06-2025
- Business
- Fashion Network
Welspun Living Q4 net profit declines 10 percent to Rs 132 crore
Textiles major Welspun Living reported a 10 percent decline in net profit to Rs 132 crore ($15.4 million) for the fourth quarter ended March 31, as against Rs 146 crore in the year-ago quarter. The company's revenue for the quarter witnessed a 3 percent year-on-year increase to Rs 2,646 crore. On the segmental front, the home textile business reported revenue of Rs 2,452.56 crore while flooring business recorded revenue of Rs 195 crore. For the full year, the company's net profit stood at Rs 639 crore with sales revenue of Rs 10,545 crore. Commenting on the results, B K Goenka, chairman of Welspun Group in a statement said, 'Despite evolving global trade dynamics and tariff uncertainties, Welspun continues to lead with resilience, agility, and innovation bringing clarity to complexity and turning disruption into opportunity. 'FY25 was a defining year as the company crossed the Rs 10,000 crore revenue mark, with consolidated revenues of Rs 10,697 crore, grew by 8.9% and a strong 10.8% growth in home textile exports. Our emerging businesses which are future growth engine contribute approximately 30% of revenues, reinforcing the power of our diversified model,' he added. Welspun Living, a part of the Welspun Group is amongst the largest home textile manufacturers in the world with a strong presence in bed, bath & flooring segment.
Entrepreneur
12-05-2025
- Business
- Entrepreneur
Welspun to Invest INR 2,400 Crore in Sintex; Targets 5% Share Pipes Market by 2030
While continuing to grow in the premium water tank segment, which sees around 12 per cent growth, the company is realigning capacity to reduce freight costs and expand its reach, particularly in tier II and III cities. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Welspun Group is steering its newly acquired brand Sintex into fresh territory beyond its well-known water storage tanks, with an ambitious plan to capture 5 per cent of India's highly competitive pipes market within the next seven years. Sintex, which was acquired by Welspun in March 2023 through a corporate insolvency resolution process for INR 1,251 crore, is now being repositioned into new verticals including pipes, water recycling, and electrical components. The diversification strategy reflects the Goenka family-led group's aggressive investment approach toward expanding Sintex's capacity, product offerings, and national footprint. "So our plan is to get into all the different categories. We are in the storage for water tanks. We are getting into transportation, which is the full range of pipes. We will get into the treatment of water as well," said Yashovardhan Agarwal, managing director of Welspun BAPL and director at Sintex, in an interview with PTI. Agarwal revealed that Sintex has already begun prototyping for its pipes business and is targeting a nationwide presence in under a year. Additionally, the company is entering the water recycling space, with a focus on water reclamation and harvesting. "We have already announced last year, INR 2,400 crore as investment in capacity, in which INR 300 crore to INR 350 crore has already been invested," he added. The group has inherited five manufacturing units from Sintex and added three more, including a newly acquired firm, Weetek Plastics in Raipur, for INR 75 crore. "We are already tripling its capacity. We have started a plant in Sonipat near Delhi for tanks, and Bhopal, the biggest one right now, is for the full range of pipes," Agarwal said. Sintex currently has a INR 600 crore business, after shedding non-core segments post-acquisition. While continuing to grow in the premium water tank segment, which sees around 12 per cent growth, the company is realigning capacity to reduce freight costs and expand its reach, particularly in tier II and III cities. "When we acquired the company, it was in shambles. You have to fix the company inside. You have to bring transparency. Now the results are going to come back," said Agarwal.
