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Indian assets of bankrupt Daewoo Motors to be auctioned on April 11

Assets of Daewoo Motors India Ltd., the Indian unit of the bankrupt South Korean global automobiles giant, would be auctioned once again on April 11. The debt recovery tribunal (DRT) Mumbai aims to recover around Rs 2,250 crore from the auction. The company had shut its India operations in 2003-04. The assets were previously sold to Pan India Motors Ltd for around Rs 765 crore under a condition that it would turnaround the company and continue with the automobile business. However, promoters of Pan India Motors parted ways amid differences over using the company’s property to earn revenues.

Read More at The Economic Times News date : 10 Mar 2019, Sunday

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