Rejecting prevailing market myths that NTC falls under 55 sick PSUs to which Government of India has approved the assistance of around Rs. 15000 Crs, the CMD averted –“Absolutely not! We have never taken any fund from Government for any kind of revival scheme implementation, so far. And, we do not fall under what you are calling 55 sick PSUs list!”
Mr Pillai further clarified that NTC implements all its revival projects through the sale of assets only. Being public sector, these assets undoubtedly belongs to Government; he accepted and in satisfaction stated that the required approval to go ahead with the sale of assets to revive and make NTC a noteworthy player in the Indian textile industry, is enough grant from government for NTC.
“Why e-auction and not manual biding, sir?” we asked him out of curiosity. He, revealing an interesting instance behind, spoke- “Well, actually speaking, Mr Maran-our honorable textile minister, is an IT savvy veteran. We had discussed the subject with him and he has always been of the opinion that there can be no better transparency in the system for conducting an auction other than e-auction, and therefore he recommended e-auction insistently. In fact, originally our idea was of e-auction for just three hours through some portal, but Mr Maran strongly recommended continuing for three days with 3D modeled e-auction to get better biding and transparency.”
Continuing the talk, attuned to Mr Dayanidhi Maran's views for e-auction, Mr Pillai also gushed gladly- “So to answer your question in just one sentence, I would say- today the best system available in the country for auction is e-auction. Second, it bodes well for higher transparency, and third, today, NTC can claim that it is perhaps the first one having started this kind of e-auctioning first time for the land sale in India.”
Winding up this colloquy, we inquired him about so far auctioned properties and about those yet to be auctioned. He retorted descriptively that so far, during 28th July to 31st July, NTC has sold online a land property located in Mumbai, 2.3 acres in area, which has helped NTC to raise funds of Rs. 474 Crs. i.e. Rs. 45,554 per sq mtr., and from 4th of August to 6th of August, the second 8 acre property worth estimated amount of Rs. 750 is to be bided in auction on net. He also admitted that, there are few more assets other than in Mumbai that are still inline to be sold out. However, unlike for Mumbai properties, Mr Pillai is little sure if these deals shall fetch NTC a huge amount.
Fibre2fashion News Desk - India
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