The Yogayatan Group, based in Mumbai, brings bid for Lavasa, emerges as a top provider

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The Yogayatan Group, based in Mumbai, has emerged as the highest bidder for the debt loaded Lavasa Corporation that increases its offer to RS 795 Crore on a net present value (NPV) base of RS 725 Crore. Bidders had been given the opportunity to improve their bids after the first bidding round earlier this month.

Yogayatan’s sharp increase in bid means that it has surpassed the range of Valor Estates of RS 771 Crore. Valor, formerly DB Realty, has not increased his offer in the final round. The third bidder in the battle, Welspun Group also increased its bid to RS 785 Crore on an NPV basis of RS 750 Crore in the first round.

“Yogayatan went on at this stage. But in a surprising turn of the events late on Thursday, Valor said that it now wants to make its bid. The creditor committee will meet on Friday to decide what to do now,” said a person who is aware of the details.

All planning lines of the plan have been planning the payments in the later part of the resolution for five years to deal with uncertainties. Questions on the late evening for EY supported resolution Professional Udayraj Patwardhan, did not receive a response. Individual bidders could not be reached.

Lavasa was promoted as the first private and managed city of India at the beginning of the century, aimed at rich urban residents from Mumbai and Pune who wanted to escape the noise and pollution of their cities. Modeled to the Italian fishing village, Portofino, it was planned as a gated city with space for a golf course, rowing and even a football academy. However, it went bankrupt and was admitted to bankruptcy in 2018.

Lenders are struggling with a complex resolution, including land titles, awaiting approvals of the regulations and environmental problems in the second major attempt to solve the insolvency of Lavasa, after earlier bids, including an RS 1.814 Crore plan approved in July 2023 of the Darwin Platform of the Infrastructure Darwin) failed.

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