LIC May Auc­tion Unitech’s Noida Land to Re­cover Dues

The Economic Times - - Companies -

In­surance ma­jor LIC will next month auc­tion Unitech’s 14 lakh sq me­ter plot of land in Noida if the real estate com­pany does not re­pay the en­tire dues of .₹ 184 crore be­fore that date. Unitech had bor­rowed money from LIC by mort­gag­ing the plot but with the real estate com­pany de­fault­ing on re­pay­ments, Life In­surance Cor­po­ra­tion of In­dia (LIC) is­sued an e-auc­tion no­tice for sale of the plot on May 6 at a re­serve price of .₹ 2,660.6 crore. When con­tacted, a Unitech spokesper­son said the com­pany would re­pay the out­stand­ing amount to LIC soon.


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