Home / Knowledge / News / Textiles / NTC eyes Rs 7.5 bn via e-auction of Mumbai mill land
NTC eyes Rs 7.5 bn via e-auction of Mumbai mill land
25
Jun '10
The state-run National Textile Corporation (NTC) informed that, it will e-auction its 8.38 acres of prime land in Mumbai to generate minimum Rs 7.5 billion.

The corporation, which had earlier invited sealed tenders for sale of Bharat Textile Mills at one of the prime areas of Mumbai, Lower Parel, will now acquire e-auction mode for selling the property.

The land at Lower Parel is perfect for setting up an IT park, hospitals, hotels and educational institutions. NTC had earlier announced that, sales of 60 acres of land of Mumbai mill would be undertaken in phases during the ongoing fiscal to provide finances to company's Rs 91.02 billion expansion, diversification and modernization program.

Including Prabhadevi, Worli and Lower Parel areas in Mumbai, NTC has nine of its mills located at various prime locations of the city. When Rs 7.5 billion was fixed as the reserve price of Bharat Textile Mills, the industry insiders commented that, the corporation could garner more than this.

A mill land of the corporation at Worli was sold for 274 percent more than the reserve price, in the year 2005. Out of 119 mills of NTC, around 77 were shut down under the Industrial Disputes Act. Two out of these have been relinquished to the Pondicherry government and five are being refurbished under the co-operation with Pantaloons, Alok Industries and Bhaskar Industries.

Fibre2Fashion News Desk - India


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search