Ravi Ruia acquires Rs 1,200 crore London mansion

In a dazzling display of opulence, billionaire Ravi Ruia, the co-owner of Essar Group, has orchestrated a monumental acquisition, the splendid Hanover Lodge mansion overlooking London's Regent's Park, for an astonishing £113 million (around Rs 1,200 crore). The mansion, previously linked to Russian property investor Andrey Goncharenko, found its way into the hands of Ruia's family office through a shrewd deal involving the sale of its Gibraltar-incorporated holding company. Just two years ago, Goncharenko himself had purchased the property's outstanding lease for a staggering £120 million from Rajkumar Bagri, a peer of the Conservative Party.

William Rego, a spokesperson for the Ruia family office, revealed that the mansion is currently undergoing construction and was made available at a price that presented an alluring investment opportunity for the discerning buyer. The Financial Times first broke the news about this unprecedented residential deal in the UK capital. London's ultra-prime property market has always been intrigued by its exclusivity, where grand homes often change hands discreetly, leaving an air of mystery around the transactions. Despite the UK's efforts to introduce more transparency through a register for overseas entities, the allure of the city's opulent residences seems to persist. It is not uncommon for buyers with substantial wealth, like Ravi Ruia, to favour cash transactions over borrowing money due to high-interest rates.

The recent acquisition highlights the city's status as a magnet for the wealthy, and it's no wonder that individuals with a net worth of $30 million or more around the world purchased luxury properties last year, constituting approximately 17 percent of such individuals, according to broker Knight Frank. While the UK government seeks to boost transparency and discourage money laundering, the success of their efforts remains mixed. Despite sanctions on wealthy Russians linked to Vladimir Putin's regime, the Hanover Lodge mansion deal involving Goncharenko shows that some transactions in the city's high-end real estate continue without full public disclosure.

The deal's enigmatic nature aligns with London's reputation for allure and mystery, and its ultra-prime property market continues to captivate the world's elite. Ravi Ruia's family office, guided by the astute counsel of Withers, successfully navigated this remarkable acquisition. Attempts to elicit a comment from Andrey Goncharenko regarding the transaction yielded no response, upholding the enigma surrounding London's captivating world of ultra-prime real estate.

Ravi Ruia, the Founder and Vice Chairman of Essar Group, is a skilled engineer who played a pivotal role in fostering the growth of Essar Global's portfolio of companies. He initially supported his brother Shashi in managing the company and subsequently led its expansion into various regions like the US, Africa, East Asia, and the Middle East. In 2010, he received the esteemed Businessman of the Year award. The duo co-founded several companies, including Essar Global Fund (EGFL), an investment firm with interests in energy, mining, and infrastructure, managed by Essar Capital. Through EGFL, they also own the Stanlow Refinery in the UK. The Essar Group, born in Chennai, proudly celebrated its 50th anniversary in 2020. EGFL boasts a diverse portfolio of wholly-owned companies with a combined revenue of up to $13 billion.

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Ravi Ruia acquires Rs 1,200 crore London mansion

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