In Mumbai, Tata Steel is going to sell 25 acres of prime land in Borivali. The company is expecting to get at least Rs 1,000 crore, said media reports quoting property consultants.
Tata Steel had shut the steel plant on the plot four years ago. Knight Frank, the consultant for the sale, in an advertisement on December 18 announced the requirements for bidders. A qualified bidder would need to make the initial offer by February 10, with a participation deposit of Rs 20 crore, Knight Frank said.
As per the advertisement, the buyer should have started at least two million sq ft of construction in the past three years or completed more than two million sq ft in the past five years; and must have a net worth of more than Rs 100 crore, be able to invest grade credit rating or have a bankÂ’s letter certifying it is financially able to undertake such a transaction or that it had no defualts in the past three years.
By January 3, interested must give their expressions of interest.
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