News

Lavasa, India’s first private hill station, sold to Darwin Platform for Rs 1814 Cr

• ByStartupStory     |    July 25, 2023

Mumbai-based entrepreneur Ajay Harinath Singh, who leads the Darwin Platform Group of companies, has grabbed attention by acquiring and committing to revive India’s inaugural private hill station. The National Company Law Tribunal (NCLT) has approved Darwin Platform Infrastructure Ltd (DPIL) to invest Rs 1,814 crore in the Lavasa resolution plan, marking a hopeful turn for the Pune-based hill station after prolonged struggles with insolvency-related matters.

According to a Business Today report, Singh’s conglomerate, valued at over $8.4 billion (approximately Rs 68,000 crore), is gearing up to revitalize Lavasa, signifying a noteworthy milestone in the company’s trajectory. The NCLT’s approval comes after a lengthy resolution process that commenced when Lavasa Corporation, the real estate arm of HCC, filed for insolvency under the Insolvency and Bankruptcy Code (IBC) in August 2018.

Singh enthusiastically discussed the venture, expressing his excitement and unwavering commitment to the ambitious project of transforming Lavasa into a world-class smart city. He emphasized his company’s dedication to contributing to the nation-building process and expressed confidence in Lavasa’s remarkable revival. Additionally, Singh made a firm commitment to adhere to the schedule proposed to the CoC (Committee of Creditors) and assured that all stakeholders would be actively involved in the rejuvenation process.

Ajay Harinath Singh is a prominent businessman and entrepreneur who graduated from Mumbai University. He is the founder of the Darwin Group, which was established in 2009 and has since expanded to include 21 public limited companies operating in various sectors across 11 countries. The group has gained recognition for its aggressive approach to bidding for significant acquisitions, such as Jet Airways, Air India, and the Shipping Corporation of India. Recently, the Darwin Group also added Reliance Capital to its portfolio.

One of the group’s most notable current projects is the revival of Lavasa, which holds the distinction of being India’s first private hill station. This venture showcases Singh’s continuous growth and influence in the business world. With such ambitious endeavors, Ajay Harinath Singh is attracting both national and international attention to his ventures and accomplishments.

 

 

 

 

Follow Startup Story