Tata Group, Oberoi Among Seven Bidders for Central Mumbai Land

Aug. 4 (Bloomberg) -- The Tata Group and Oberoi Constructions Pvt. are among seven companies vying to buy an 8.37 acre (33,939 square meters) plot in central Mumbai in an auction starting today.

India’s state-owned National Textiles Corp. is auctioning its Bharat Textile Mills land in a three-day auction. The results of the winning bid for the plot, which had a minimum price of 7.5 billion rupees, will be announced on Aug. 6.

Indiabulls Infratech Ltd. paid 90 percent more than the reserve price for a plot of land in central Mumbai auctioned by the textile maker last week. The developer paid 4.74 billion rupees ($102 million) for the Podar Mills (Process House) land.

National Textile, which is selling 10.77 acres in the central Mumbai area of Worli in two auctions, hopes to raise 20 billion rupees, Textile Minister Dayanidhi Maran said in New Delhi on July 29. That will account for part of the 50 billion rupees it aims to get in the year ending March 31 by selling properties in cities including Bangalore and Kanpur.

To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at Apapuc1@bloomberg.net