Gammon arm places bid for PAL-Peugeot land

MUMBAI: Gammon India's subsidiary Metropolitan Infrahousing has stepped in to buy the balance 45 acre owned by PAL-Peugeot in Dombivli on the outskirts of the city. The company on Thursady bid Rs 1 lakh above the reserve price of 125 crore for the plot that was auctioned by the high court receiver.

In December, the company had emerged the highest bidder for the 135 acre adjacent to this 43-acre plot, both owned by PAL-Peugeot. For the 135-acre plot, Gammon had quoted 601 crore, while the next highest bid worth 600 crore was from Neptune Group.

For the 45-acre plot, Gammon had earlier bid 32 crore, while Neptune's bid stood at 31 crore. However, the bidders were not given any information on the reserve price then. Following Neptune's withdrawal from the bidding, on Tuesday the court asked Gammon if it is prepared to pay the reserve price since it was the only bidder left in race. The reserve price was then revealed by the court and Gammon on Friday matched it with 100,000 above that.