Lavasa Corporation is India’s first privately built smart city near Pune, has received two bids, both offering Rs 25 crore to Indian lenders as upfront money on dues worth close to Rs 8,000 crore.

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Of the two bidders, Dhir Hotels and Resorts has offered to pay Rs 700 crore from the third year until the seventh year of the effective date of approval from lenders and in non-convertible debentures to be issued to banks.