Auto majors eye PAL Peugeot assets

MUMBAI: As many as seven international and domestic auto majors including Tata Engineering, Hyundai Motors, Volvo International and Skoda Motors have evinced interest in the properties of PAL Peugeot, a joint venture between Premier Automobile and French company Peugeot.
The other parties interested in the land, plant and machinery of PAL-Peugeot, currently put on the block by financial institutions led by ICICI for recovery of their dues, are Ashok Leyland, Mahindra & Mahindra and Malaysia-based Kia Motors, industry sources said here on Monday.
The properties were kept open for inspection on June 20 and 21 while the auction would be held on July 5 as the bids would have to be submitted latest by July 4, they added.
The Mumbai High Court, in a public notice issued last week, invited offers for purchase of suit properties, both immovable as well as movable plant and machinery of PPL’s Kalyan plant near Mumbai.
PPL’s land assets include all piece or parcel of land situated at Kalyan village, Gharivli, Usargar, Sandap, Sagaon, Sonarpada and in registration district and sub-district at Thane measuring 7.23 lakh square metres, according to the notice.