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Sultan of Brunei bids $2.5 billion for hotels being sold by detained Indian tycoon Subrata Roy's Sahara:

Published on Aug 18, 2014 12:21 AM
A file photo from November 2013 shows the chairman of India's Sahara Group, Subrata Roy, gesturing as he addresses a press conference in Kolkata. India's Supreme Court on August 14, 2014 gave Roy extra time to keep negotiating the sale of three luxury foreign hotels to raise US$1.6 billion (S$2 billion) bail after his lawyers said he was close to a deal. An investment firm affiliated with Brunei is said to have offered US$2 billion for the three hotels. -- PHOTO: AFP 

NEW YORK (REUTERS) - The Sultan of Brunei has made a bid for New York's Plaza Hotel, Dream Hotel and London's Grosvenor House hotel, the Wall Street Journal's website edition reported on Saturday, citing people familiar with the situation.

An investment firm affiliated with Brunei has offered to pay US$2 billion (S$2.5 billion) for the three hotels, which are currently owned by India's Sahara conglomerate, said.

Sahara's chairman Subrata Roy has been negotiating a sale of the company's luxury hotels from a makeshift office in prison, having been held for more than five months after failing to appear at a contempt hearing in a long-running dispute over his group's failure to repay billions of dollars to investors who were sold outlawed bonds.

Roy's lawyer S. Ganesh last week told India's Supreme Court that the businessman was holding "very effective" negotiations with potential buyers and that the group had signed a preliminary accord for the hotels.

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