HA’s third attempt to sell land

“The BIFR had approved Rs 136-crore bailout package. Out of this,the Central Government has paid us Rs 40 crore which has already been used for setting up a plant,” Das said.

In last two years,HA management could not get the expected price for the land. “While we were expecting Rs 120 crore,the price quoted by bidders was much lower. So the BIFR asked for re-tendering.” Unlike in the past when the management did not quote the reserve price for the land,this time it has decided to go public with the reserve price. “The price has been set at Rs 137 crore. We expect bidders to quote above this. The BIFR has approved this plan,” he said.

Das said the company needs money for its expansion and the BIFR has advised the mangement to sell surplus land. “We are closing down some old plants and setting up new plants. One new plant has already been set up and we are going for multi-production line,” he said.

The company plans to invite all the bidders to the land site. Arun Borhade,general secretary of HA Mazdoor Sangh,said they had earlier objected to the sale of the land,but now have no objections. “Even the court has allowed the sale. If it is for development purpose,then we have no objections,” he said.