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India bulls acquires NTC plot for Rs 15.05 bn
Aug '10
Realty firm India bulls Intrastate, quoted the highest price of Rs 15.05 billion, and has succeeded all others in acquiring the National Textile Corporation's (NTC) 8.3 acres plot of Bharat Textile Mills at Worli in Mumbai. The price paid for this acquisition is even higher than double the price of Rs 7.5 billion, the reserve price fixed by NTC for e-auction.

This is for the second time that India bulls acquires NTC land, as earlier it had even won the bid for other properties of NTC, such as the Poddar Mill plot at Worli measuring 2.3 acres for Rs 4.74 billion as against the reserve price of Rs 2.75 billion.

NTC Chairman, K Ramachandran Pillai, said that, India bulls has won the online bid for Bharat Mills and it has beaten Lodha Group who had offered a price of Rs 15.03 billion for acquisition.

NTC is intending to increase its capital of about Rs 80 billion, during the current fiscal, via sales of its plots, which in all measure around 55 acres and are mainly located in Mumbai.

The next plot to go up for sale in Mumbai, by NTC, will take place in September. Till then and within the next 10 days, NTC is likely to auction two of its plots in Bangalore and Indore, measuring 1.73 acre and 16 acres, respectively.

Fibre2Fashion News Desk - India

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