In what could become one of the most transformative transactions in India’s real estate and corporate history, Adani Properties Pvt. Ltd., the property arm of the Adani Group, has entered into an agreement to acquire a consolidated portfolio of premium assets from the Sahara Group.
This landmark acquisition, reportedly valued in thousands of crores, brings together Sahara’s most prestigious and litigated assets under one umbrella — signaling both a legal resolution and a commercial breakthrough.
According to reports, the deal marks a strategic shift from fragmented property sales to a comprehensive bulk transfer, ensuring faster value realization and reducing years of legal entanglement.
A Decade of Legal Struggles Leading to the Deal
The roots of this massive transaction trace back to a decade-long battle between Sahara India Pariwar and the Securities and Exchange Board of India (SEBI).
In 2012, the Supreme Court directed Sahara to refund ₹24,030 crores to investors who had subscribed to its optionally fully convertible debentures. However, despite multiple asset sales, the company was able to deposit only around ₹16,000 crores into the SEBI-Sahara Refund Account, leaving a significant deficit.
Following the death of Sahara’s founder, Subrata Roy, in November 2023, the group began looking for a swift and definitive way to settle its liabilities. Without his leadership and with mounting financial pressure, Sahara’s management decided that selling its remaining properties as a single package would be the most practical and profitable solution.
Adani Properties Steps In: The Strategic Solution
Recognizing the opportunity and the scale of Sahara’s holdings, Adani Properties Pvt. Ltd. emerged as the ideal buyer. With its proven record in infrastructure, energy, and now real estate, Adani has the financial muscle and credibility to handle a transaction of this magnitude.
Unlike previous attempts to sell individual properties, this deal combines all key assets into one consolidated transaction, allowing Sahara to extract maximum value while ensuring complete legal clarity under court supervision.
The financial details of the deal remain confidential, but sources indicate that the figures are being submitted to the Supreme Court in a sealed envelope due to the sensitive nature of the case.
Adani is expected to deposit the full amount directly into the SEBI-Sahara Refund Account or another court-designated escrow, ensuring transparency and investor protection.
The Assets: Sahara’s Crown Jewels
The proposed portfolio includes more than 88 premium properties across India — some of the most iconic names in Indian real estate.
Key properties include:
- Aamby Valley City (Maharashtra): A luxury township spread across 8,810 acres, once touted as India’s first self-contained city.
- Hotel Sahara Star (Mumbai): A five-star hotel located next to Mumbai’s international airport, known for its unique dome architecture.
- Sahara Shaher (Lucknow): The group’s flagship integrated development in Uttar Pradesh.
- Commercial and residential land parcels in Noida, Gurugram, Mumbai, and other metro regions.
- Additional properties in Rajasthan, Gujarat, West Bengal, Madhya Pradesh, Karnataka, Uttarakhand, and Jharkhand.
This bulk sale model eliminates the need for individual valuations, enabling a lump-sum transaction that simplifies payment and legal procedures.
Sahara’s Supreme Court Application: Seeking Judicial Approval
To formalize the sale, Sahara has submitted an application to the Supreme Court of India under Article 142 of the Constitution, requesting the Court to exercise its extraordinary powers to approve the deal.
The application includes several important appeals:
- Complete Legal Immunity for Sold Assets:
Sahara has requested that once the assets are transferred, they should be protected from future actions or claims by regulatory agencies such as the ED, SFIO, or Income Tax Department. - Exclusive Court Jurisdiction:
The group proposes that all disputes, liabilities, and third-party claims be handled only by the Supreme Court, thereby avoiding delays from multiple litigations across states. - Revocation of All Attachment Orders:
Sahara has asked for the immediate withdrawal of all prohibitions and attachments placed on its assets by SEBI and other authorities to enable smooth transfer of ownership. - Formation of a High-Level Oversight Committee:
The group also recommends that the Supreme Court appoint a committee chaired by a retired judge to monitor the sale, address objections, and ensure fair distribution of proceeds among investors and creditors.
What Adani Gains from the Deal
For Adani, this acquisition is far more than just a property purchase — it’s a strategic expansion into India’s luxury real estate and hospitality sector.
With this deal, Adani Properties could immediately establish a pan-India footprint across major urban markets and resort destinations.
The acquisition strengthens Adani’s position in several ways:
- Diversification: Expanding beyond commercial projects to luxury hospitality and township development.
- Brand Presence: Iconic properties like Aamby Valley and Sahara Star add immense brand prestige.
- Land Bank Expansion: The acquisition secures large-scale land parcels in some of India’s most valuable real estate corridors.
- Future Development Potential: With legal clarity and Adani’s financial backing, many stalled or disputed projects could finally be revived.
Challenges Before Final Approval
Despite optimism, the deal’s success hinges on Supreme Court approval. Given the complexities surrounding Sahara’s multiple cases and pending investigations, the legal process may take time.
There is also the matter of existing liabilities and ownership challenges, as some properties may still be under dispute or subject to regulatory restrictions. The proposed judicial oversight committee will play a critical role in resolving these obstacles.
The Supreme Court hearing on October 14, 2025, will be a decisive moment — when the financial terms, sale structure, and legal safeguards will be formally reviewed.
