Meet Mumbai man behind Rs 68000 crore group acquiring India's 1st private hill station for Rs 1814 crore

Ajay Harinath Singh’s company Darwin Platform Infrastructure Ltd (DPIL) has won the bid to acquire and revive India’s first private hill station. The National Company Law Tribunal (NCLT) approved Darwin Platform’s Rs 1,814 crore resolution plan for Lavasa. 

The positive news on the future of the Pune-located private hill station comes nearly half a decade after the insolvency resolution process was initiated. The NCLT had admitted the petition of lenders of the debt-ridden Lavasa Corporation, the real estate firm of HCC, for the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) in August 2018

Singh, the promoter of Darwin, said in a statement, “The NCLT has entrusted us with a challenging task to develop an ambitious world-class smart city in the country. The verdict would reinforce our commitment to nation-building. Lavasa is now on the cusp of a remarkable resurgence. DPIL is committed to executing the plan as per the schedule proposed to the CoC. We are very eager to revitalise this ambitious project.”

“The plight of homebuyers, along with the concerns of secured financial creditors, would not go unnoticed by DPIL. The company promises to include the stakeholders in the revival process and prioritise their needs,” he assured homebuyers.

Who is Ajay Harinath Singh?

Ajay Harinath Singh is a Mumbai-based businessman who is Chairman and MD of Darwin Platform Group of companies. The business group has presence in several sectors including realty, auto, retail, infra, shipping, mining, refineries and finance has a net worth of $8.4 billion (over Rs 68,000 crore), as per a Business Today report.

The group sas at least 21 public limited companies and business interests in over 11 countries. Singh is an alumnus of the Mumbai University. He founded Darwin Group in 2009. DPIL, the company acquiring Lavasa, was set up in 2010.

Apart from Lavasa, Singh's Darwin Platform Group has also participated in high-profile bidding processes to acquire airlines Jet Airways and Air India and Shipping Corporation of India. In 2022, he joined the race to buy debt-ridden Anil Ambani firm Reliance Capital.

(Inputs from PTI)