Sahara Group in talks to sell over 100 acres in Bangalore for about Rs 400 crore

Kolkata|Mumbai: The Sahara Group is in talks with Ahmedabad-based Pacifica Group and a high networth individual to sell two land parcels in Bangalore for about Rs 400 crore, as the conglomerate sells assets to find money to secure the release of jailed chairman Subrata Roy.

In Bangalore, the Lucknow-based company owns 76 acres at Devanahalli and 25 acres at Whitefield.

"Sahara has approached the Supreme Court to allow the company to proceed with the sale as these land parcels are not part of the list of properties the apex court has allowed Sahara to sell," said one of the two people.

The company has an option to swap these properties with the list of land parcels it is allowed to sell to raise the money, this person said.

Sahara did not respond to an email seeking comment. Speaking over the phone, a Pacifica Group spokesman denied any such plans.

Roy has been in jail since early March over allegations of not paying back bondholders. The Securities and Exchange Board of India, which has accused the group of irregularities in raising thousands of crores through bonds, claims Sahara hasn’t repaid the money. The company, however, denies any wrongdoing and says it has paid back most of the bondholders.

The Supreme Court has asked Sahara to deposit Rs 10,000 crore, half of which in bank guarantees, to release Roy on bail.

Sahara owns around 1,000 acre of land across Bangalore, Amritsar, Ahmedabad, Ajmer, Bhopal, Bhavnagar, Jodhpur, Pune and Vasai near Mumbai. It is aggressively talking to potential buyers to close the land deals in whichever location it can, the second person said.

Sahara recently sold 104 acres near Shela village on the outskirts of Ahmedabad to HN Safal and Goyal & Co for Rs 464 crore.