[TusharK]

According to a media report, assets of Daewoo Motors India Ltd. will be auctioned again on April 11, 2019, more than 15 years after the company shut down its India operations.



According to the Debt Recovery Tribunal (DRT) Mumbai, the online auction will be held in two lots. Lot-1 would include the 204 acre land in Greater Noida including the structures, furnitures, etc. The minimum reserve price for this lot has been set at Rs. 528.61 crore. The successful bidder will also be required to settle pending dues of the Uttar Pradesh State Industrial Corporation which is estimated to be around Rs. 66.58 crore.

All other properties on the same 204 acre plot of land will be included in the second lot. The minimum reserve price of Lot-2 has been set at Rs. 83.01 crore.

Pan India Motors had taken over these assets back in 2008 for around Rs. 765 crore. The company's shareholders include South Africa-based FirstRand Bank, D. E. Shaw which is a global investment and technology development company, Ajay Singh, co-founder and Chairman of SpiceJet and B.V.R. Subbu, former President of Hyundai India. As part of their restructuring plan, it is reported that they collaborated with Reva and a French company to develop an electric vehicle. The company was also manufacturing automotive components for General Motors.

Source: Economic Times

Link to Team-BHP News

[libranof1987]

I'm confused, wasn't Daewoo Motors entirely sold to General Motors? What assets are still under the erstwhile Daewoo Motors India and how?

By 1999, the whole Daewoo Group ran into financial trouble, and was forced to sell its automotive division. Candidates for the operation included Hyundai associated with DaimlerChrysler, Ford Motor Company and the GM-Fiat alliance. Finally, General Motors was the one who acquired Daewoo Motor's assets

https://en.wikipedia.org/wiki/Daewoo

[sarathlal]

Recommend visiting this thread, if you haven't already. An exhaustive walk through of this plant.

https://www.team-bhp.com/forum/india...-pictures.html (Visit to Daewoo Motors (Argentum) plant, Surajpur, UP: a Chronicle in Pictures)

[GTO]

Originally Posted by libranof1987

wasn't Daewoo Motors entirely sold to General Motors?

Not all parts of it. IIRC, GM didn't want to pay anything for Daewoo India as it already had its own facilities here. GM also didn't think too much of that location for a possible 2nd factory.

Originally Posted by sarathlal

Recommend visiting this thread, if you haven't already. An exhaustive walk through of this plant.

That is one incredible thread . Thanks for linking to it!

[100BHP]

What a sad loss ! My first company - had worked there for more than 4 years .
The plant was advanced beyond what was available in India at that time. It was even better than its Korea mother plant in Changwon .
The level of technology in machines, control systems, automation levels in paint shop, body shop & main assembly lines were mind boggling.
I was involved the upgradation of Cielo / Nexia duo & development of Matiz from design up to roll out. It remained a favorite of mine since then & currently I also own 3rd avatar of this super cool car aka Spark.