Sawasdee Group acquires land of Moser Baer in Noida through NCLT
Sawasdee Group, a Noida based real estate group, (formally known as Galaxy Group) has acquired approx 60,000 sq meters of land in Sector 80, Noida from Moser Baer India Ltd through online bidding with an investment of Rs 72 crores along with other Expenses.
Sawasdee Group, formally known as Galaxy Group has been developing residential and commercial projects in Greater Noida (West). The land has been acquired from Moser Baer India Ltd, which was one of the leading names amongst the top suppliers of drives and storage devices in India and overseas. The total size of the land is approx 60,000 sq meters and is an industrial plot. Due to Financial crisis in Moser Baer India Limited, NCLT ordered its liquidation and the land was put to auction through liquidator firm, facilitating the entire e-auction process.
Sawasdee Group was declared as “Successful Bidder” on 26th March 2019 and 25% of the total amount has already been paid within 24 hrs. As per the terms of the auction and the rest of the amount will be paid within 15 days. The entire Bid amount would be self-funded by Sawasdee Group, led by Mr. Pradeep Kumar Agrawalla. The group soon plans to launch Industrial project at purchased location which is touted to generate thousands of employment, pushing, Noidafuther as an emerging industrial corridor in North India.
Pradeep Kumar Agrawalla, Chairman Sawasdee Group and Ex-President, Indian Thai Chamber of Commerce, Bangbok,Thailand said, “The deal is part of the e-auction, where Moser Baer India Ltd.’s liquidation was ordered by NCLT. We have purchased these assets for a value of Rs 72 crores with other Expenses. This is an industrial plot.”
Adding more to it, Pradeep Agrawalla said, “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% 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.”
As per market experts, when Noida is looking forwards for the entry of new major players in different industrial fields, Sawasdee Group now acquiring the industrial plot, the growth of industrial sector is sure to further grow in large proportions in Noida.