Kingfisher House auction fails

Kingfisher House auction fails
05/08/2016 , by , in News/Views

The auction of Kingfisher House on Thursday proved a damp squib as no bidder turned up for the erstwhile headquarters of Vijay Mallya-led group’s long- grounded airline at a reduced reserve price of Rs 135 crore. Bankers said they may have to further lower the reserve price which was set at Rs 150 crore in the earlier failed auction in March to get any prospective buyer interested for the prime property near domestic airport in Mumbai.

The 17-bank consortium, led by State Bank of India, has been trying to sell Kingfisher House with a built-up area of over 17,000 sqft as part of their efforts to recover dues totaling over Rs 9,000 crore from Kingfisher Airlines and had reduced the reserve price by 10 per cent for auction.

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