Adani Real Estate: In January this year, Gautam Adani was the richest man not only in India but in Asia, but today his group is in need of selling properties to fund new projects…
Adani Property Sale: One of the top businessmen of the country, Gautam Adani and his Adani group are facing difficulties for the last few months. From the beginning of 2023, challenges are coming one after the other to Gautam Adani and him. Due to these, Adani Group has made a big change in its business strategy and now preparations are on to sell some properties for funding new projects.
Identifying properties for sale
In a report in the English newspaper Economic Times, it has been claimed that the Adani group is considering raising money by selling some of its real estate assets, which are considered non-core according to its operations. After identifying such properties for potential sale, the group is expanding the list to raise sufficient funds for its new real estate venture.
Thinking of selling Inspire BKC
It has been said in the news that Inspire BKC is also included in the properties that Adani Group is considering to sell. This is a commercial real estate property, which is near Bandra-Kurla Complex, Mumbai. Mumbai’s Bandra-Kurla Complex has offices of many multinational companies and Indian business groups. For this, the Adani group has started talks with various potential buyers, including Brookfield Asset Management. The initial value of this property has been estimated at Rs 650 crore.
No official confirmation
There are 8 lakh sq ft of leaseable space in Inspire BKC. The entire space in the property is leased and its tenants include Novartis, Reliance Nippon Life Insurance and MUFG Bank. However, neither Adani Group, nor Brookfield Asset Management has confirmed the ongoing talks regarding the deal of this property.
16 acres property of ACC
The ET report also claimed that the Adani group has also identified some real estate properties of its holding companies. The group had bought ACC Cement and Ambuja Cement from Holcim last year. The group is in the process of selling a 16-acre property owned by ACC Cement, which is near Thane in Mumbai.
For this reason the group changed the way
Adani Group has been known for aggressively expanding business into new areas. For this, the group used to adopt a strategy of focusing on raising finance from banks. However, after the Hindenburg Report came out in January, the group changed its strategy. Now the focus of the group is on reducing the debts rapidly. This is the reason why Adani Group is now giving more emphasis on other means of funding for new projects.
