NTC resorts to e-auction for sale of land of its closed mills

06 Jul '10

2 min read

The National Textiles Corporation Ltd. (NTC) has adopted ' e-auction' for sale of land of its closed mills. Complying the directions of Thiru. Dayanidhi Maran, Union Minister of Textiles, for selling their immovable properties only through 'e-auction', the NTC has already issued advertisements in the newspapers for 'e-auction' for the sale of land of Bharat Textile Mills, Mumbai, and Poddar Textile Mills, Mumbai. NTC had been resorting to only tender process for selling their immovable properties.

The on-line forward auction will be conducted for 4 days with the applicable auto extension. Resorting to e-auction would add transparency to the entire sale process and is expected to put a full stop to all misgivings normally associated with the sale of properties. Sale of all the remaining properties of closed mills of NTC would also be auctioned only on line.

The National Textiles Corporation Ltd. (NTC) is a Public Sector Undertaking under the Ministry of Textiles, Government of India. The NTC which is under the revival scheme of BIFR has the mandate of raising funds through sale of land/ building of the closed mills for the purpose of meeting the cost of modernization of the other working mills, salary of the employees, etc.

Press Information Bureau

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