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NTC eyes highest bid of Rs 15 bn for Bharat Textile Mill land
06
Aug '10
It's hardly a few days after, that NTC realized Rs 4.64 billion for its Poddar Mill property, that it is now moving forward to another one-off.

Moreover, it was only yesterday that bidding in respect of its Bharat Textile Mills' plot measuring 8.5 acres, crossed Rs 10.16 billion mark while its reserve price was Rs 7.50 billion. With the closing of its e-auction by today evening, the company officials see the final offer price touching highs of Rs 15 billion.

Bharat Mills provides a built-up area of around 3 lakh square feet; more so, it also has the capacity to offer higher FSI for construction of multiple utilities like IT parks, hotels, hospitals, educational institutions and others. Around seven competitors counting Tatas, Videocon, Oberoi Developers, Piramal and Lodha Group, are now bidding for the Bharat Mills property.

During last week, NTC's Poddar Mill plot measuring 2.3 acres received a maximum bid of Rs 4.64 billion from Indaibulls. It was almost after a year that NTC penetrated in to the market, after it tried selling its Finlay Mills' property at Parel.

As stated by NTC, the funds flowing from the sale of its mill plots will be utilized towards a revitalization scheme of development and diversification. Where the group aims to grow the spinning and weaving activities by two times and it also proposes to establish processing and garmenting units, while broadening its horizons in technical textiles.

Fibre2Fashion News Desk - India

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