"The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board today declared Oberoi Realty Limited as the highest bidder of the auction on the basis of their final bid of Rs. 1,155 crore, after several rounds of bidding," the steel giant said in a statement.
Tata steel had launched the bid-cum-auction process for sale of the land parcel in on December 18 last year through public advertisements.
"Tata Steel completed the e-auction process yesterday for the sale of its above land with the participation of several well-known developers," it added.
The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (E), Mumbai, and is abutting both these roads.