Considered a royal himself among the business elite, Poonawalla is up against the group backed by the royal family of Qatari and Sultan Hassanal Bolkiah of Brunei, considered to be one of the richest men in the world.
Cash-rich pharma billionaire Cyrus Poonawalla has upped the ante on his offer to buy out beleaguered Sahara Group's coveted overseas asset, the Grosvenor House Hotel in London. Sources say Poonawalla, who first bid for the hotel at 475 million pounds, could go as high as 550 million pounds.
Sahara, which needs to cough up Rs 10,000 crore to secure bail for its founder and chief Subrata Roy, has valued Grosvenor House at 519 million. Considered a royal himself among the business elite, Poonawalla is up against the group backed by the royal family of Qatari and Sultan Hassanal Bolkiah of Brunei, considered to be one of the richest men in the world.
Poonawalla, though very serious about acquiring the asset, does not fancy entering into a bidding war. "We will not go down the auction route for Grosvenor House," he told CNBC-TV18. The Sahara Group is looking to sell three of its overseas assets— Grosvenor House, The Plaza and Dream Downtown hotels in New York — to raise Rs 24,000 crore it owes to the investors of its two companies.
Unlike the other bidders Poonawalla is only interested in Sahara's London property, which analysts say can go against him as the desperate Roy camp may go for a suitor who would be keen to buy its entire portfolio.
Nevertheless, Poonawalla is looking at an all-cash deal for Grosvenor House, which he plans to finance without any partner assistance. He wants to diversify into the brick and mortar business and considers real estate as a safe investment with good returns. "We are looking at real estate, hospitality assets in India," he told the channel.
Also Read: Supreme Court denies bail to Sahara supremo Subrata Roy
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