Infibeam Buys Sintex Group’s Commercial Tower in Ahd




Fintech co acquires ground plus 10-storey tower for 90 crore.

Mumbai: Financial technology and digital payment services provider Infibeam Avenues has acquired an entire ground plus 10-storey commercial tower, which was being developed by textile manufacturer Sintex Group as its head- quarters in Ahmedabad, for 50 crore, said persons with direct knowledge of the development.

In March, Reliance Industries completed its 13,567-crore acquisition of Sintex Industries, exactly a year after banks had approved the acquisition and a month after the National Company Law Tribunal (NCLT) approved the transaction.

The office tower, with 400,000 sq ft space, Is being built on 1.7 acres.

This under-construction office tower with 400,000 sq on 1.7 acres was not part of the resolution as one of the lenders had already taken charge of the property to recover its dues even before the resolution process had started.

“The NBFC had taken over the ownership of the property thro- ugh a trust called Aavas Trust that decided to divest the property on an ‘as is where is basis’ through Swiss auction method,” said one of the persons mentioned above.

International property consultant JLL as the exclusive transaction advisor had invited bids for the property with a base price of 176.5 crore

After receiving bids from a few Interested parties, the under- construction property on a free- hold land parcel at Ahmedabad’s Vaishno devi Circle was sold to the highest bidder, Infibeam Avenues, and registered on Monday.

Source- The Economic Times