Sheth Developers, Sunteck Realty in race to acquire of bankrupt HDIL

08 Jan 2024 CW Team

Up to 25 entities, including Sheth Developers and Sunteck Realty, have shown interest in acquiring the insolvent Housing Development and Infrastructure (HDIL).

According to a regulatory filing by HDIL, A N Manudhane, the corporate insolvency resolution professional, stated that 25 entities qualify as prospective resolution applicants for the company.

In 2019, the National Company Law Tribunal (NCLT) accepted a petition from Bank of India against HDIL, which had a debt of Rs 5.2 billion to the lender.

Among those expressing interest are Vikram Gaikwad, P Srinivas Reddy, Shyam Sunder Reddy, and Ashok Reddy, as mentioned in the filing.

Other interested entities comprise Sheth Developers, Sunteck Realty, Galaxy Apartment F Wing Welfare Association, Dev Land and Housing, Puma Realtors, Golden Dreams Buildcon, Metro Satyam Developers, and Pegasus Ventures.

On December 1, 2023, Manudhane called for expressions of interest for the financially distressed company, with the submission deadline set for December 16. Subsequently, a provisional list of eligible entities was released on December 26.

Infrastructure Urban

16 May 2025

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Infrastructure Urban

16 May 2025

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Infrastructure Urban

16 May 2025

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..