Sayona Land Corporation has emerged as the highest bidder for the New Gujarat Synthetics Mills spread in 40,000 sq m area at Rs 61 crore.
An auction was held by the high court last week wherein eight bidders were in fray for the huge plot.
The second highest bidder was Balaji Real Estate Developers with Rs 56 crore, while Sidhi Developer bid at Rs 46 crore.
The auction began with Sidhi Developer bidding the highest amount at Rs 30.11 crore and the mill compound was sold at Rs 61 crore committed by Sayona.
Situated at Shaher Kotada on Naroda Road, this mill was earlier owned by Shailesh Kanoria was closed down in late 1880s and the winding up orders were issued on September 7, 1989.
Of the Rs 61 crore, the liquidator will give over Rs 20 crore will go towards payment of dues of some 5,032 workmen that rendered jobless after the mill was closed.
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The high court has fixed Rs 29 crore to be paid to workers, out of which an amount of Rs 8.2 crore has been disbursed among them.
The New Gujarat Synthetics Mill's sale is regarded as the the highest for mill land in the city. Rakhial’s Patel Mills that was bought by Pushti Enterprise at Rs 51 crore over two years ago.