How can Sahara buy London’s Grosvenor Hotel again ?

Photo PTI
Photo PTI

Languishing in Delhi Tihar’s jail for the last 14 months has not stopped Subrata Roy, Chairman Sahara India Pariwar from being audacious in his business ventures. He has once again surprised many when his company has again entered the fray to buy its own posh hotel in London Grosvenor Hotel at Rs 6000 crore. The hotel was put on sale by its lender Bank of China after a ‘technical default’.

It may be recalled Roy has been behind bars since march 4, 2013 and has been unable to raise funds to secure his own bail amount of Rs 10, 000 crore. He had been arrested for failing to return the investors money of Rs 24, 000 crore. So this brings to the fore the pertinent question as to where is the money Roy getting from or has to buy the Grosvenor Hotel all over again?

According to a report in The Economic Times today, the group is bidding for the hotel through its subsidiary, Amby Valley Mauritius and has in fact emerged as one of the top bidders. Among the bidders are Constellation Hotels Holding, M&G Prudential, Abu Dhabi Investment Authority and China’s Fosun Group and bids are valued up to Rs 6,150 crore.

In an Interview to The Week magazine recently, Subrata Roy on his imprisonment had this to say : “This is illegal detention. There is no social blame, no first information report, no charges and no contempt [of court]”. Moreover, the magazine revealed that Subrata Roy is hardly unfazed by been behind bars. In- fact he seems  to be rather enjoying his Tihar stint –  writing books, practising yoga, catching up with friends and enjoying his favourite meals. According to sources in Tihar, Subrata Roy is getting all the facilities like a farmhouse inside the jail premises and hence having a merry time.


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