In one of India’s largest consolidated transfers of disputed real estate assets, Adani Properties Pvt. Ltd., the real estate arm of the Adani Group, has agreed to acquire thousands of crores worth of flagship assets belonging to the Sahara Group. Rather than pursuing piecemeal sales, the proposed deal consolidates Sahara’s key properties in a single package for acquisition by the Adani Group.
The transaction arises from a long-standing dispute before the Supreme Court of India, led by the Securities and Exchange Board of India (SEBI), which required Sahara to refund investor money. The total principal Sahara was mandated to repay was approximately Rs 24,030 crores, of which roughly Rs 16,000 crores have already been deposited into the SEBI–Sahara Refund Account.
The death of Subrata Roy in November 2023 prompted a shift in strategy. With the family not involved in daily operations, the management decided that liquidating assets rapidly at maximum value was the most viable way to settle outstanding liabilities, protect investors, and conclude ongoing contempt proceedings. Previous attempts to sell properties individually failed due to poor market conditions, lack of credible buyers, ongoing lawsuits, and interference from investigating agencies.
To expedite the process and ensure maximum value, Sahara opted to sell substantially all remaining assets in a single block to Adani. Financial details have been kept confidential and will be presented to the Supreme Court in a sealed envelope. Under the deal, the Adani Group is expected to deposit the agreed amount into the SEBI–Sahara Refund Account or another court-directed account.
The sale includes over 88 properties, encompassing high-value land and buildings across India. Notable assets include Aamby Valley City in Maharashtra, Hotel Sahara Star in Mumbai, and holdings in Lucknow, Noida, Gurugram, Mumbai, Rajasthan, Gujarat, West Bengal, Jharkhand, Madhya Pradesh, Karnataka, Uttarakhand, and Uttar Pradesh. Adani will pay a lump sum amount for the entire package, not based on individual property valuations.
Sahara has petitioned the Supreme Court for comprehensive protections under Article 142 of the Constitution to facilitate the sale. This includes exemption from all ongoing or future regulatory, criminal, or investigative actions by authorities such as the State Police, Enforcement Directorate, SFIO, and Income Tax Department. The group also requests that claims or liabilities tied to the properties be addressed solely to the Supreme Court, and that all existing attachment orders or prohibitions on the properties be lifted to enable Adani to take possession efficiently.
To manage the sale and remaining obligations, Sahara proposes forming a high-level Supreme Court-monitored committee to oversee execution, settle debts, pay investors and creditors, and adjudicate legitimate claims. The committee, headed by a former Supreme Court judge, would have exclusive jurisdiction, with its decisions final and binding.
Sahara describes this consolidated sale as the group’s “best chance” to maximize asset value quickly and repay investors. The matter is scheduled for a Supreme Court hearing on October 14, when the agreed Term Sheet, including financial details, will be submitted in a sealed cover. If approved, the Sahara–Adani deal would mark one of India’s most significant real estate transfers, closing a contentious chapter for Sahara while expanding Adani’s real estate and hospitality footprint.
