Hiranandani buys Hirco's project in Chennai for Rs. 2,000 cr.

Mumbai-based Hiranandani Group has bought Hirco Plc's 368-acre Chennai project for Rs. 2,000 crore, in what is being termed as one of the biggest auctions after the Hiranandani-sponsored project defaulted on its loan from HDFC.

Hirco Plc, an investment firm, raised Pound 350 million (Rs. 3,500 crore) from global investors to fund Hiranandani Group's Chennai and Panvel townships and the Hiranandanis used the funds to acquire 588 acres in Panvel and 368 acres in Chennai.

The auction was held under the Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, which allows lenders to auction residential and commercial properties when borrowers fail to repay loans.


HBL