Authum Investment & Infrastructure emerges successful bidder for Vas Infrastructure

Authum Investment & Infrastructure Ltd. (BSE: 539177, NSE: AIIL) has been declared the Successful Resolution Applicant (SRA) for Vas Infrastructure Limited (VIL), a BSE-listed real estate firm undergoing Corporate Insolvency Resolution Process (CIRP) since 11 March 2024. The company accepted a Letter of Intent (LOI) dated April 01, 2025, from the Resolution Professional, subject to approvals from the National Company Law Tribunal (NCLT), Mumbai Bench.

Key Details:

• Deal Value: Rs. 86.04 crore for 94.99% equity post-capital reduction under the resolution plan.
• Target Business: VIL specializes in redeveloping dilapidated buildings in Mumbai suburbs but reported negative turnover of Rs. 0.42 crore in FY24.
• Timeline: Implementation expected within 60 days of NCLT approval.
• Strategic Rationale: Authum aims to capitalize on real estate assets and lease rentals, marking its expansion in the sector.

Background:
VIL, incorporated in 1994, saw fluctuating turnovers: Rs. 1.62 crore (FY23) and Rs. 0.21 crore (FY22). The acquisition is not a related-party transaction. Vas Infrastructure Limited was dragged to insolvency court by Canara Bank for defaulting on a payment of Rs 301 crore. The company owed Rs 390 crore to all creditors. Ashok Kumar Golecha is the resolution professional in the case.

The resolution plan awaits NCLT clearance, with Authum poised to revive the debt-laden entity.

About Authum Investment & Infrastructure

Authum Investment & Infrastructure is an investment and credit business company. In 2022-23, the company successfully concluded the acquisition of Reliance Commercial Finance Limited (RCFL) and the business assets of Reliance Housing Finance Limited (RHFL) after emerging as the highest bidder through a competitive process.

Pursuant to the acquisition of the business / portfolio of RCFL and RHFL, the Company effectively diversified into two separate lines of business, viz. the Investment Business and the Credit Business.
IN 2023-24, the company continued to grow the Investment Business and successfully focused on harvesting the recoveries from the acquired portfolio along with fresh credit deployment in the Credit Business. The Company’s net worth at the end of 31 December 2024 was ₹13,426 crore.

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