The Crosslinks offer comprises 35 per cent cash, 30 per cent equity and the rest in debt.
Interestingly, there were few bidders from the automotive industry in this round of bidding; a few real estate companies were also attracted to the bidding process, a lawyer associated with the process said.
The Daewoo plant in Uttar Pradesh had a capacity of 85,000 cars a year.
Matiz
It produced the popular Matiz compact and the Cielo and Nexia sedans before shutting down, after its parent company collapsed in November 2000.
In March 2004, General Motors made an offer to buy the car assembly unit of Daewoo Motors India from its principal lenders - ICICI Bank , IDBI , Bank of India and Export and Import Bank of India. However, the US company major decided not to go ahead with its plans after differences crept up with the Revenue Department over whether the assets would be sold free of any encumbrances.
The assets of Daewoo India were put on sale in late 2002 after the company failed to repay debt of around Rs 1,000 crore to financial institutions and the Customs Department.
In earlier bidding processes, the DRT had kept a reserve price of Rs 1,100 crore for the entire assets.
At that time, several major auto companies had conducted due diligence for buying the assets but no bids were submitted.
