Daewoo sale talks gain ground

 Negotiations between the two parties had reached a deadlock when the former refused to scale down the asking price for the facility.

 Daewoo Motors India owes over Rs 1,000 crore to institutions, including ICICI Bank, Exim Bank, IDBI. Creditors took control of the facility through a receiver appointed by the debt recovery tribunal.

 Industry observers have attributed the renewed interest in talks to the current boom in the auto industry.