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SIV assets sold for over double the upset price
Nina Varghese
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Residential properties in Coimbatore, which came up for auction, fetched Rs 2.45 crore
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Chennai
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Sept. 7
With land going at a premium all over India, auctions of assets of companies in liquidation have been attracting a lot of attention.
The recent auction of the assets of SIV Industries Ltd (now in liquidation) generated funds, which were more than double the upset price.
On September 1, seven lots of SIV Industries came up for auction comprising mainly of plantation lands in Ketty in The Nilgiris and Kodaikanal. They were purchased by various individuals for Rs 6.56 crore, against a reserve price of Rs 2.88 crore.
Sources said that the real estate in Coimbatore is also at a premium as the city has been identified as the next information technology hub in the State. Residential properties in Coimbatore, which came up for auction, fetched Rs 2.45 crore against an upset price of Rs 1.10 crore.
The upset price of 36 plots of various sizes was Rs 150 per sq ft and it fetched a price of Rs 5 crore.
The sale of four wind farms belonging to SIV Industries with 13.57 acres and another lot of 24 wind farms with 97.47 acres was confirmed at a total of Rs 16.9 crore against an upset price of Rs 1.5 crore and Rs 8.25 crore respectively.
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