Sahara set to buy out Siva from Aamby Valley
PB JAYAKUMAR & RAGHAVENDRA KAMATH Mumbai, 4 February The Sahara Group is set to buy out C Sivasankaran, the billionaire serial investor, from its flagship project, Aamby Valley City, near Lonavala in Maharashtra.
The deal size could be in excess of Rs 2,000 crore, though this could not be verified. Sivasankaran had invested close to Rs 1,800 crore in 2007 to take a 41 per cent stake in Aamby Valley. The Sahara Group is the majority investor, with a 51 per cent stake.
The 53-year old Sivasankaran ('Siva'), who owns Sterling Infotech, had invested in Aamby Valley through his private investment arm, Siva Ventures. While Sahara Group sources confirmed Siva was looking to exit, a group spokesperson did not want to comment.Business Standard could not contact Sivasankaran.
Aamby Valley, spread over 10,000 acres, is being developed as an upmarket hill township near Lonavala, a known hill station. Sahara plans to develop it as one of the "top five such townships in the world". Many film stars, cricketers, businessmen and other celebrities own properties at Aamby Valley.
Sivasankaran had earlier purchased a 66 per cent stake in realty company DLF's Mumbai project for Rs 310 crore and had also bought 51 per cent in Stel, a Chennai-based telecom company.Sivasankaran has invested about Rs 1,800 crore to pick up 41% stake in Aamby Valley. The deal with Sahara is pegged at over Rs 2,000 crore