Syndicate Bank, in its attempt to recover its dues from the GVK group, put the massive SEZ in Perambalur, Tamil Nadu up for sale. GVK has defaulted on a Rs. 175 crore loan to the bank. The sale of the land is being offered through an e-auction that will be conducted on March 27. The reserve price for the 2,500 acre land bank is Rs. 257 crore, according to Syndibank. 

Syndicate Bank is offering the land for auction through the Sarfaesi Act which allows lenders to place collateral of loan defaulters up for sale. Syndicate Bank had attempted this auction of GVK's SEZ land earlier in January, but had received no bidders for the property.