The Sahara Group’s Grosvenor House Hotel in London has been sold to the state of Qatar.
Advocate Kapil Sibal, representing the company, did not disclose the sale price, but told India's Supreme Court that Sahara would have a surplus amount of Rs.2,350 crore from the proceeds of the sale after using a portion to help pay the bail of Sahara Group founder Subrata Roy.
Another sale transaction for two other Sahara-owned hotels—the Plaza Hotel and the Dream Downtown in New York—is underway with VTB, a Russian Bank.
“80 percent of the transaction is done along with due diligence. We will inform the court shortly on the result,” Sibal told the court, according to LiveMint.
The court reportedly asked the Securities and Exchange Board of India (SEBI) to respond to Sahara’s plea seeking the court’s permission to sell the Sahara Star Hotel in Mumbai among other assets in order to secure Roy's bail. The case will be heard in late March.