UP govt shows interest in buying back Daewoo Motors land in Greater Noida

The Uttar Pradesh government has reached out to the Asset Reconstruction Company India Limited (ARCIL) to settle dues worth Rs 778 crore on a prime industrial land in Greater Noida. The land, once owned by Daewoo Motors, was sold at a lower price than what the Uttar Pradesh State Industrial Development Authority (UPSIDA) had offered. UPSIDA has expressed interest in buying back the land and has requested ARCIL to stop the auction led by the Debt Recovery Tribunal. The land's current market value is estimated to be between Rs 2,500 crore to Rs 3,000 crore.