State-owned Jawaharlal Nehru Port Trust (JNPT), India’s biggest container gateway, has raised its offer price to over Rs. 1,300 crore to buy debt-ridden Air India’s iconic 23-storey tower at Mumbai’s Nariman Point.
JNPT’s initial bid of about Rs. 1,200 crore was higher than the one quoted by state-run Life Insurance Corporation of India (LIC), the only other bidder to participate in the auction, but was below the reserve price set by the cash-strapped national carrier.
“During negotiations, JNPT raised its price bid to over Rs. 1,300 crore,” at least two people familiar with the development said, asking not to be named.
