DRT invites bids for sale of Daewoo Motor’s Indian division
By Our Corporate Bureau | 23 Nov 2002
New Delhi: Daewoo Motors India is up for sale. The Debt Recovery Tribunal (DRT) in Mumbai has invited bids from prospective buyers for the company.
This follows the company’s inability to repay its debts to financial institutions. The DRT has fixed 18 December 2002 as the last date for receipt of offers for sale.
Earlier, the assets of the company were brought under the control of the financial institutions. However, attempts to sell the assets did not meet with success. The company’s total liabilities are said to be over Rs 5,000 crore.