Tata Steel sells Borivali land for Rs 1155 cr to Oberoi Realty

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Steel major Tata Steel today sold its 25-acre Borivali land parcel in Mumbai for Rs 1,155 crore to Oberoi Realty through e-auction.

"The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board today declared Oberoi Realty Limited as the highest bidder of the auction on the basis of their final bid of Rs 1,155 crore, after several rounds of bidding," the steel giant said in a statement.

Tata steel had launched the bid-cum-auction process for sale of the land parcel in on December 18 last year through public advertisements.

"Tata Steel completed the e-auction process yesterday for the sale of its above land with the participation of several well-known developers," it added.

The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (E), Mumbai, and is abutting both these roads.

The neighbourhood predominantly comprises medium to high-end residential developments, the statement added.

Oberoi Realty won the tough bid defeating other realty majors to acquire the property.

Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top 10 global steel companies with an annual crude steel capacity of over 29 million tonnes per annum (MTPA).

It is now the world's second-most geographically diversified steel producer, with operations in 26 countries. It had a turnover of USD 24.82 billion in FY 13 and has over 80,000 employees across five continents.

The shares of the company today closed at Rs 366.70 apiece on BSE, up 1.03 per cent from the previous close.

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