India's First Private Hill Station Purchased for Rs 1,814 Cr by Ajay Singh
The Darwin Platform's innovative strategy for Lavasa: a look at how they plan to execute the Rs 1,814 Cr revival project and what it means for India's private hill station.
Ajay Harinath Singh, the Mumbai-based businessman helming the Darwin Platform Group of companies, has recently made headlines by acquiring and pledging to rejuvenate India's first private hill station. The National Company Law Tribunal (NCLT) Permitted Darwin Platform Infrastructure Ltd (DPIL)'s Rs 1,814 crore for Lavasa resolution plan, a process that has injected optimism into the fate of the Pune-based hill station after years of insolvency-related proceedings.
Singh's conglomerate, estimated to be worth over $8.4 billion (more than Rs 68,000 crore) according to a Business Today report, is planning to breathe new life into Lavasa, marking a significant shift in the company's journey. The approval from NCLT comes after a protracted resolution process that started when Lavasa Corporation, the real estate branch of HCC, filed for insolvency under the Insolvency and Bankruptcy Code (IBC) in August 2018.
Speaking about the venture, Singh expressed his excitement and commitment to the ambitious task of developing a world-class smart city. He reaffirmed his company's dedication to nation-building and stated that Lavasa is on the brink of an incredible resurgence. Furthermore, Singh has committed to adhere to the schedule proposed to the CoC (Committee of Creditors) and has pledged to include all stakeholders in the revival process.
Who is Ajay Harinath Singh?
Ajay Harinath Singh, a Mumbai University alumnus, founded the Darwin Group in 2009, which now comprises 21 public limited companies in over 11 sectors across 11 countries. The group, known for its aggressive bidding for key acquisitions including Jet Airways, Air India, and the Shipping Corporation of India, recently added Reliance Capital to its portfolio. Its latest project involves the revival of Lavasa, India's first private hill station, a testament to Singh's continued growth and influence in the business world. This ambitious endeavour is sure to keep both national and international eyes riveted.