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Dunlop India, Jaibharat Maruti bidding for Daewoo plant?
For years the beleaguered Daewoo plant in Uttar Pradesh has been up for grabs. Now CNBC-TV18 has learnt from sources that Dunlop India and Jaibharat Maruti may be the front-runners bidding for it.
For years the beleaguered Daewoo plant in Uttar Pradesh has been up for grabs. Now CNBC-TV18 has learnt from sources that Dunlop India and Jaibharat Maruti may be the front-runners bidding for it.
Sources tell CNBC-TV18 that Kolkata-based, PK Ruia, who has recently taken over Dunlop India has offered to bid for the entire plant and auto components maker, Jai Bharat Maruti is also in the running. Meanwhile, GM India is reviving talks with the Asset Reconstruction Company of India Ltd, ARCIL.
Sources say that big auto majors are bidding for only individual components of the plant, not all the assets of the plant. The Delhi DRT, Debt Recovery Tribunal, has told ARCIL that the Daewoo plant should not be sold in bits and pieces and it will get better returns if it is sold as a whole plant.
The real estate on which the Daewoo plant is situated is worth Rs 1,000-1,200 crore and a buyer can approach the Uttar Pradesh government to convert the land into an SEZ.
The real estate on which the Daewoo plant is situated is worth Rs 1,000-1,200 crore and a buyer can approach the Uttar Pradesh government to convert the land into an SEZ.
