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Creditors Choose Welspun for Troubled Lavasa Project
16 Feb
Summary
- Welspun-Ashdan consortium will acquire India's first private hill town.
- Creditors voted in favor of the consortium, with 92.21% approval.
- Lavasa project faced administration due to mounting debt issues.
Creditors have overwhelmingly chosen the Welspun-Ashdan consortium to acquire Lavasa Corp, marking a significant development for India's first privately developed hill town. The project had previously entered administration due to unmanageable debt.
The Welspun-Ashdan consortium, comprising Welspun subsidiary Paschim Sagar Properties and Ashdan Properties, secured an impressive 92.21% of the creditor votes. This strong backing came from most major creditors, excluding homebuyers.
