Daewoo Motors India assets to be auctioned

Mumbai/New Delhi: Assets of the erstwhile South Korean global automobiles giant, Daewoo Motors India Ltd., which were taken over in 2008 by a newly-formed Pan India Motors, would again go under the hammer on April 11 and DRT Mumbai aims to recover around Rs 2,250 crore from the auction. Significantly, the auction comes more than 15 years after the company shut its Indian operations in 2003-04.

According to a recent notification issued by the Debt Recovery Tribunal’s (DRT) Mumbai, the online auction will be held in two lots. The Lot-1 of the e-auction would include the 204-acre of land at Greater Noida in Uttar Pradesh, which would also include the structures, furnitures and so on, for which the minimum reserve price has been set at Rs 528.61 crore.

In addition, the successful bidder would be required to clear out pending dues of the Uttar Pradesh State Industrial Corporation’s dues, estimated to be around Rs 66.58 crore.

In Lot-2, “all other properties on the same (204 acres) plot of land” would be put up for sale, with a minimum reserve price of Rs 83.01 crore. People who have worked with Argentum Motors said that the auctions might be separately held for the land and the equipments installed.

Industry sources said Delhi-based auctioneer, C1 India has been assigned for the task. Despite repeated attempts, the company declined to comment on the developments and has not replied to an email questionnaire sent by IANS on the auction details. (IANS)

Also Read: Business News