Sahara rejects $1.3-billion offer for three overseas hotels

TIL Desk/Business/London/New Delhi-Sahara group on Wednesday rejected a new $1.3-billion offer from a group of investors for its three prized overseas hotels. Sahara termed it a ‘devious attempt’ to lower the price and disturb the sentiment of other bidders making ‘much higher’ offers.

In a strongly worded reaction to the offer made by Jesdev Saggar-led 3 Associates, Sahara group said it was ‘a malicious and non-serious act of some wrong people’. “The said proposal is baseless,” a Sahara spokesperson told.

“It is a devious attempt to benchmark the price much lower than the actual market value of the properties in order to ruin the market and disturb the sentiment of the actual bidders who are bidding at market value which is much higher. “Please note that it is a malicious and non-serious act of some wrong people.” Sahara, however, did not disclose any details of other offers it has got for the three hotels.