SPL raises its bid on Kanchi Trust

Chennai, Mar 28 (UNI) The Shriram Properties Ltd (SPL), a leading property developer, today further raised its bid to Rs 265 crore from Rs 240 crore for 45.88 acre of land belonging to the Kanchi Trust, including Sri Jayendra Saraswathi Institute of Medical Sciences and Sri Kanchi Kamakoti Sankara Hospital in the IT corridor on the outskirts of the city.

When the matter was taken up for confirmation of bid in Chief Justice's Chamber, SPL which had earlier quoted Rs 240 crore, further raised its bid to Rs 265 crore, after a Kolkata-based company quoted Rs 261 crore.

While Advance Medicare Research Institute (AMRI) quoted Rs 261 crore, Global Hospitals quoted Rs 257 crore.

Last time, at the conclusion of the auction, the bidders were asked to deposit ten per cent of their respective bid as Earnest Money Deposit (EMD) and to file an affidavit setting out the terms and conditions, including the activity they proposed at the Trust property and hospital.

Accordingly, they deposited the EMD and filed affidavits.

During the hearing, before a Division Bench comprising Chief Justice A P Shah and Mr Justice K Mohanram, the Global Hospitals offered Rs 257 crore and gave an assurance that it would retain the staff as it is. It will also run the hospital and provide 50 free beds.

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