Daewoo Motors' Land Assets in India up for Auction Again as Lenders Hope to Recover Dues
17 August 2020
For the second time in two years, land assets of the erstwhile South Korean automobiles giant, Daewoo Motors India Ltd in Greater Noida, which were taken over in 2008 by a newly-formed Pan India Motors, would go under the hammer on September 7. The Debt Recovery Tribunal, Mumbai aims to recover around Rs 2,304 crore dues from the 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.
For the second time in two years, land assets of the erstwhile South Korean automobiles giant, Daewoo Motors India Ltd in Greater Noida, which were taken over in 2008 by a newly-formed Pan India Motors, would go under the hammer on September 7. The Debt Recovery Tribunal, Mumbai aims to recover around Rs 2,304 crore dues from the 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.
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