In a development that will pave the way for revival of the Lavasa hill station, the Mumbai-based Darwin Platform Infrastructure Ltd (DPIL) has won the financial bid involving a sum of Rs 1,814 crore for Lavasa Corporation, India’s first privately-built smart city near Pune.
The Committee of Creditors (CoC) of Lavasa on Friday voted in favour of and accepted a final and revised Rs 1,814 crore Total Resolution Plan for revival of Lavasa city. The amount comprised working capital, repairs/refurbishment and other works for the country’s first privately built smart city near Pune.
On November 25, DPIL had submitted an Addendum to its November 20 Resolution Plan. Early this month, the CoC had started the process to finalise Resolution plans of applicants like DPIL.
“DPIL has proposed payment plan and schedule that include upfront payment (Rs 100 crore), Payment to Home Buyers (RERA) within 24 months of receipt of EC, Construction and delivery of Homebuyers properties, Redemption of the Secured NCDs at the end of 108 months, and these will incur a cost of Rs 1,466.50 crore. Adding working capital, Repair/ Refurbishment, and other construction, the company has offered a total of Rs 1,814 in its revised resolution plan,” a COC member said.
“It is very encouraging for us as CoC has accepted for Resolution Plan and expressed full confidence in it. We have an ambitious and long-term plan for Lavasa Smart City. DPIL has capabilities and resources to meet the expectations of the CoC. Our revised resolution offer was very competitive and based on rational cost calculations. DPIL is committed to executing the Plan as per the schedule proposed to the CoC,” Ajay Harinath Singh, Chairman of Darwin Platform Group of Companies (DPGC), said.