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Daewoo Motors India assets to be auctioned on April 11, 2019

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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

 
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