Land in Navi Mumbai to be used for building Bollywood theme park. In the largest ever property deal in over 18 months, Bhushan Steel and Subhash Chandra-promoted Essel Group are set to acquire a 250-acre plot in Kharghar (Navi Mumbai) for Rs 1,530 crore. The Bhushan Steel-led consortium beat nearly 100 other bidders to acquire the land from City and Industrial Development Corporation of Maharashtra (Cidco).
Indiabulls came in second with a bid of Rs 1,059 crore, while a consortium of GVK group and HCC came third with a bid of Rs 808 crore, according to sources involved with the transaction. Future City Properties, the company floated by Bhushan Steel and the Essel group, has proposed the development of a Bollywood theme park. Indiabulls and GVK-HCC had proposed knowledge and leisure-based theme parks, respectively.
When contacted, a Cidco official confirmed that the Bhushan Steel-led consortium had emerged as the highest bidder. “We have opened the bids today. The highest bid has to be cleared by legal authorities,” the official said. In the term sheet, 70 per cent weight had been assigned to the financial bid and the rest to technical parameters.
More : business-standard.com
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