As per concall, the new project bidded under CIRP is the Delhi One Project adjacent to Max Towers. Matter is sub-judice and 100% approvals are not yet received. Approvals delayed due to Covid by 3-6 months.
As per management commentary:
- No dilution of shareholding needed. Approx 3 million sft total area and roughly 50% is unsold inventory. Mix of Residential, Retail and Commercial.
- Max Estates to take up entire project and deliver sold inventory also. Lease in case of unsold commercial and sell in case of unsold residential.
- Asset light approach. NCLT bid structured such that cash outflows will be deferred such that future inflows will be matched.
- No disclosure on project cost and more finer details since matter is sub-judice and 100% approvals not received.
Did some research online and below is the data I could find.
Bidders list shows Max Estates as one of them. Source: http://www.delhione.in/pdfs/EOI-person-final.pdf
Source: http://www.delhione.in/pdfs/Revised-teaser-New-30-04-2019.pdf
Looks interesting to see how they will deliver such a big project in a way efficiently. Can be a make or break for the business based on execution. Views invited.
Disc: Invested.