At a 98% discount, Adani about to buy a bankrupt Mumbai builder.

According to a source with knowledge of the situation, Adani Goodhomes Pvt. is getting closer to purchasing Radius Estates and Developers Pvt. for 98% less than what the company’s creditors were asking for.

The insider, who asked to remain anonymous because the information is confidential, claimed that Adani proposed to pay financial creditors 319.7 million rupees ($4 million) as opposed to their demand for 16.58 billion rupees and 15.2 million rupees from employees. 

Additionally, the acquirer, which is a division of the opulent Gautam Adani estate, has committed to giving Radius clients access to 700 luxurious residences worth more than 8 billion rupees by June 2024.

This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.