AthenaHerbert - China Automobile Expert-CNAUTO

Mumbai: The bank has made two previous attempts to auction the 41,000-square-foot built-up asset, which is expected to raise Rs 240 crore after the auction. Tire maker Dunlop India had earlier redeveloped a prime site on an acre of land on Annie Besant Road at the top end of Worli in Mumbai, two people familiar with the matter said. ICICI Bank, which acquired Dunlop House after the Ruia 51.9 group defaulted on loans worth Rs 100 crore, has twice tried to auction the assets to recover the debt. In the second attempt to sell the property earlier this year, the bank purchased the property for Rs 100 million at 20% above the reserve price. The Ruia Group, led by Pawan Kumar Ruia, acquired Dunlop India from the Chhabria family in 2005. the landmark building has a total area of 41,000 million sq ft and is currently without tenants. The bank is currently planning to raise Rs 24,000 crore by selling the property. At the time of going to press, an ICICI-ICIC. An email query sent by t...

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ICICI puts Dunlop house on the block again