Ruia group, which recently took over Dunlop India, is the sole bidder for Daewoo Motor's entire passenger car unit at Surajpur in Uttar Pradesh.This puts the Ruia group above other bidders like Tatas, Mahandras, Ford and others who have reportedly expressed interest in partial assets of the auto-making unit.The Debt Recovery Tribunal (DRT) has expressed interest in selling the Daewoo unit as a whole and not in pieces."We have bid for the Daewoo plant," P K Ruia, chairman of Ruia group, said today without divulging any details of the bid.The dues of the unit with the department of revenue of the union government and lenders were estimated to be about Rs 2,000 crore. In June 2005, the Cabinet Committee on Economic Affairs (CCEA) had laid down a formula for sharing of money raised from the auction of the plant.The Department of Revenue (Customs Duty) and lenders would share the amount in the ratio of 45:55. Asset Recontruction Company of India (Arcil) would handle the process of selecting the bidder and manage auction of the plant on directions from DRT.Arcil, however, was yet to get the details of the bidders from DRT. The market value of the 204-acre land of the unit alone is estimated between Rs 1,000-1,200 crore.
