Oberoi Realty has emerged as the highest bidder for Tata Steel's 25 acre land parcel at Borivali, in Mumbai suburb, Maharashtra.

Oberoi Realty has offered Rs 1,155 crore in an e-auction. The land is located at the junction of Western Express Highway and Dattapada Road in Borivali.

Tata Steel had launched the e-auction process on 18 December 2013, and completed it on 24 March, 2014. The property consultancy firm, Knight Frank India, was the transaction adviser.

The sale will be concluded after all requisite permissions are obtained. The land used to house Tata's steel wires manufacturing plant, which was shut in 2009, as the operations were moved to Tarapur in Maharashtra, in 2008.

Oberoi Realty is planning to construct a residential project on the plot, which will throw up around 4.5 million sq ft of saleable area.

Apart from Oberoi Realty, other firms such as Tata Housing; Peninsula Land; Tata Consultancy Services; and Kalpataru are also in the race to acquire the land.