Financial Daily from THE HINDU group of publications
Tuesday, Oct 26, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 26, 2004 |
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Corporate
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Sick Units Standard Motor land up for sale Our Bureau
Chennai , Oct. 25 THE 57.84 acres of land belonging to Standard Motor Products of India Ltd, a company now under liquidation, is up for sale with the Official Liquidator appointed by the Madras High Court inviting bids for the property. The company's land at Perungalathur along the Chennai-Tiruchi National Highway is available on an `as is where is basis,' including the buildings, plant and machinery, according to an advertisement issued by the Official Liquidator. The details of the mode of sale of the assets and reserve price will be provided with the tender form that will be available from November 1. It was at the Perungalathur plant that Standard Motor manufactured a range of utility vans and Standard model cars. The last passenger car it produced was the Standard 2000, based on a Rover model. The company resumed car production in 1985 after a 10-year gap. However, production of the Standard 2000 lasted till 1988, after which the company itself gradually shut down production. Afterwards, various attempts were made to resume production. In the late 80s, the MA Chidambaram group took over the company and attempted to rope in foreign partners to resume production, but to no avail. According to automobile industry sources, there are unlikely to be any takers for the plant and machinery. Real estate industry sources said that it could be attractive to a builder looking for a township project or for commercial development, but all this would depend on the terms and conditions that form part of the tender document and also whether the land can be reclassified.
More Stories on : Sick Units | Real Estate & Construction | Tamil Nadu | Cars
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