Galaxy Group acquires 60,000 sq metres of land belonging to Moser Baer in Noida

The Sawasdee Group, formally known as the Galaxy Group, has acquired 60,000 sq metres of land in Noida through an e-auction, as part of the liquidation process of Moser Baer India, ordered by the NCLT

The Sawasdee Group has acquired Moser Baer India’s 60,000 sq metres of land through an online auction for Rs 72 crores, the Noida-based real estate group said, on March 27, 2019. The Group, formally known as the Galaxy Group, has been developing residential and commercial projects in Greater Noida west and has now acquired this land parcel in Noida’s Sector 80, the Group said in a statement. “The deal is part of the e-auction, where Moser Baer India Ltd’s liquidation was ordered by the National Company Law Tribunal (NCLT). We have purchased these assets for a value of Rs 72 crores, with other expenses,” Sawasdee Group’s chairman, Pradeep Kumar Agrawalla said.

See also: Noida land acquisition protest: Farmers launch indefinite fast

The Sawasdee Group was declared the successful bidder on March 26, 2019 and 25% of the total amount was paid within 24 hours, as per the terms of the auction. The rest of the amount will be paid within 15 days, the Group said in a statement.

“The total size of the land is approximately 60,000 sq metres and is an industrial plot. Due to the financial crisis in Moser Baer India, the NCLT ordered its liquidation and the land was put to auction through a liquidator firm, facilitating the entire e-auction process,” it said.

The entire bid amount would be self-funded by the Group, which soon plans to launch an industrial project at the location.

“With connectivity easing towards Noida and Jewar Airport (coming up soon), the industrial growth will be humongous at Noida, in coming times. We have already paid 25 per cent of the value of the auctioned plot and will pay the rest amount as per the terms of the auction. The entire investment would be self-funded and we will be raising no debt to finance the project,” Agrawalla said.

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