Tata Steel to sell prime Mumbai plot

Second criteria stipulates that buyer must have a net worth of more than Rs 100 crore or invest grade credit rating

Tata Steel is going to sell its prime 25 acres in Borivali here. The plot is expected to fetch at least Rs 1,000 crore, said property consultants. The steel plant on the plot was shut four years ago.

Knight Frank, the consultant for the sale, in an advertisement on Wednesday announced the requirements for bidders.

The buyer should have started at least two million sq ft of construction in the past three years or completed more than two million sq ft in the past five years; and must have a net worth of more than Rs 100 crore, be able to invest grade credit rating or have a bank’s letter certifying it is financially able to undertake such a transaction or that it had no defualts in the past three years, the advertisement said. Those interested must give expressions of interest by January 3.

A qualified bidder would need to make the initial offer by February 10, with a participation deposit of Rs 20 crore, Knight Frank said.