The National Textile Corporation (NTC), the state owned textile entity, has failed in its second attempt to auction the land premises of Finlay Mills in Mumbai. The mill which is spread out over an area of 10.5 acres is located in Mumbai's prime central business district.
Only one bidder had put up a bid, but was disqualified due to its inability to cough up 1,000 million earnest money deposit. In an earlier auction in December last, a developer had bid an amount which was lower than the reserve price quoted by NTC.
This is in sharp contrast to the earlier auctions conducted by NTC, which saw reputed land developers and bidders falling over each other to pick up other mill land prime properties, auctioned by NTC in the past years.
Fibre2fashion News Desk - India
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