My sources say that the Tata Group of companies and the Tata family themselves will also be allowed to participate in the auction.

Proceeds from the sale of the land bank will be split as follows:

• The government of India currently owns 26.1% in TCL. So, it will get 26.1% of the proceeds from the sale of the land. In addition, the government had sold 25% its stake to the Tata's ex-land. So, summing it up, the government will walk away with 51.1% of the proceeds of the sale of land.
• The Tata Group also acquired a 20% stake in TCL through an open offer to shareholders and ex-shareholders who had tendered their shares for INR 220 plus value of land will get the other 20%.
• Existing shareholders who now control 23.8% of TCL -- including those of us who own shares in TCL (either here, or in India, or both in some cases) -- will get their prorated share of the value of the land, mostly in the form of a one-time special dividend.
• The Tata family has also acquired the balance of more than 5% of the shares though open-market purchases in the last four-plus years since they took a stake in TCL from the government; they will receive approximately 5% of the proceeds from the sale of the land holdings.