5 firms in race for Tata Steel's Mumbai land.

Tata Steel's 25-acre land in Borivali received five bids from Mumbai's top corporates and developers. The deal is expected to rake in Rs. 1,000 crore for the company, though the buyer will have to shell out anywhere between Rs. 1500-2,000 crore to acquire and develop the property.

Sources said Tata Housing, Tata Consultancy Services, Oberoi Realty, Kalpataru and Piramal Realty are in the race.

An official privy to the development said: 'The bids have been opened and due diligence is on. Over the next three months, the highest qualifying bidder would have to pay 10 per cent of the bid amount, and the balance over the next three months.' The land is located close to the Western Express Highway, in Borivali, a Mumbai suburb, and housed Tata Steel's manufacturing facility, which was shut down in 2009.

HBL