New Delhi Feb 12

Five years after the shutters came down on Daewoo Motors' Surajpur facility, the assets of the beleaguered company have finally found a buyer.

The assets would be purchased by Crosslinks, a company jointly promoted by former Hyundai Motor India President Mr B.V.R. Subbu and Mr Ajay Singh, one of the promoters of SpiceJet Airlines.

Crosslinks had put in a bid of Rs 765 crore, which was accepted by the Debt Recovery Tribunal, Mumbai (DRT) in an order today. Industry sources said that Crosslinks plans to use the facility for manufacturing. Mr Subbu was unavailable for comment.

The sources said that the company's bid is a combination of cash, debt and equity.

Arcil recommendation

It is learnt that Arcil, the asset reconstruction company, which had received the mandate from the lenders to Daewoo Motors to sell the assets, had recommended Crosslinks to the tribunal.

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