Smart-city Lavasa receives two new bids offering Rs 25 crore upfront

Lavasa, a subsidiary of Hindustan Construction Company (HCC), was sent for bankruptcy in 2018

Lavasa Corporation, India's first privately built smart city near Pune, has received two bids — both offering Rs 25 crore to Indian lenders as upfront money on dues worth close to Rs 8,000 crore.

Of the two bidders, Dhir Hotels and Resorts has offered to pay Rs 700 crore — to be paid from the third year until the seventh year of the effective date of approval from lenders, and in non-convertible debentures to be issued to banks.

The other bidder, Darwin Platform Infrastructure, too, has offered an upfront amount of Rs 25 crore, and another Rs 600 crore as deferred payment