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

Tags: News
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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture