Daewoo Motors India’s Greater Noida assets again up for auction

The 204-acre land parcel was also up for sale last year, but the attempt was not successful. The fresh auction comes more than 16 years after the company shut its India operations in 2003-04.

The leasehold land pertains to plot no A-1 at Surajpur Industrial Area, Noida, Dadri Road, Greater NOIDA, Gautam Budha Nagar district of Uttar Pradesh and measures 204 acres, or 8,25,612.23 sq metres, said a DRT order copy.

The assets will be sold in a single lot and the reserve price for the auction has been kept at Rs 380 crore. Every prospective bidder will have to quote a price higher than that.

The amount by which the bid is to be increased shall be Rs 1 crore. In the event of any dispute arising as to the amount of bid, or as to the bidder, the property shall at once be again put up for auction. “DRT No. III, Mumbai has drawn up the Recovery Certificate for the recovery of Rs 511,02,84,697.00 with interest and costs from the Certificate Debtors and a sum of Rs 1,793,48,11,643 is recoverable together with further interest, costs and charges as per the Recovery certificate/Decree,” said the order. In addition, the successful bidder would have to clear the pending dues of the Uttar Pradesh State Industrial Corporation, estimated to be nearly Rs 66.58 crore as on August 31, 2018. It would include lease rent arrears, among other charges.

Daewoo Motors India’s assets went on sale in 2006 when a firm named Pan India Motors took over the assets.