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E-auctioning of NTC land started in Mumbai
29 Jul '10
5 min read
All the bidders would have a valid digital certificate well in advance to participate in the online event. Under no circumstances, the bidders will be allowed to participate in the online event without Digital Certificate.
Thiru. Maran announced that there will be a press briefing by the Company every day between 5.30 and 6.00 PM to inform the highest bidding amount and the auction will be concluded on 31.7.2010 at 5.00 PM. If a bidder places a bid in the last 10 minutes of closing of the auction, the auction shall get extended automatically for another 10 minutes. In case, there is no bid in the last 10 minutes of closing of auction, the auction shall get closed automatically without any extension.
NTC has drawn a roadmap to generate Rs. 5000 crore during the current financial year by selling most of its properties in the city of Mumbai and a few small size properties in the city of Indore, Kanpur, Bangalore, Coimbatore, etc. The main resources will be from the city of Mumbai by selling the balance 2,24,500 sq. mtrs of land. On the basis of Rs. 100 crore per acre of reserve price that the company has fixed, it should be easily possible for NTC to generate Rs. 5000 crore by selling its land.
The Company has already paid Rs. 2256 crore by way of compensation to 61,900 employees under MVRS and Rs. 900 crore ( approx.) on modernization of its 21 mills, of which 3 are new composite mills – one each at Hassan( Karnataka); Achalpur (Maharashtra); Ahmedabad( Gujarat). 18 of the mills have already completed modernization and are generating cash profit for the last four months.
NTC is expected to transform itself into a profit making integrated textile company, consisting of ginning, spinning,weaving, processing, and garmenting by the end of the current financial year. The handsome returns, which NTC expects from this new revolutionary method, will pave the way for future expansion, forward and backward integration proposals apart from foraying into the technical textiles field, for the NTC's strategic turn-around to become a noteworthy textile industry player with presence through the value chain.
Thiru. Dayanidhi Maran added that henceforth all land of NTC will be sold under e-auction. This will set an example for all Govt. Companies to emulate this process.
Thiru. Maran announced that there will be a press briefing by the Company every day between 5.30 and 6.00 PM to inform the highest bidding amount and the auction will be concluded on 31.7.2010 at 5.00 PM. If a bidder places a bid in the last 10 minutes of closing of the auction, the auction shall get extended automatically for another 10 minutes. In case, there is no bid in the last 10 minutes of closing of auction, the auction shall get closed automatically without any extension.
NTC has drawn a roadmap to generate Rs. 5000 crore during the current financial year by selling most of its properties in the city of Mumbai and a few small size properties in the city of Indore, Kanpur, Bangalore, Coimbatore, etc. The main resources will be from the city of Mumbai by selling the balance 2,24,500 sq. mtrs of land. On the basis of Rs. 100 crore per acre of reserve price that the company has fixed, it should be easily possible for NTC to generate Rs. 5000 crore by selling its land.
The Company has already paid Rs. 2256 crore by way of compensation to 61,900 employees under MVRS and Rs. 900 crore ( approx.) on modernization of its 21 mills, of which 3 are new composite mills – one each at Hassan( Karnataka); Achalpur (Maharashtra); Ahmedabad( Gujarat). 18 of the mills have already completed modernization and are generating cash profit for the last four months.
NTC is expected to transform itself into a profit making integrated textile company, consisting of ginning, spinning,weaving, processing, and garmenting by the end of the current financial year. The handsome returns, which NTC expects from this new revolutionary method, will pave the way for future expansion, forward and backward integration proposals apart from foraying into the technical textiles field, for the NTC's strategic turn-around to become a noteworthy textile industry player with presence through the value chain.
Thiru. Dayanidhi Maran added that henceforth all land of NTC will be sold under e-auction. This will set an example for all Govt. Companies to emulate this process.
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