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NTC increases estimates of earnings from land sales
08
Sep '10
The National Textiles Corporation of India (NTC) increased its estimates for the earnings from land sales, after the sale of its property last month, for twice its reserve price.

The loss-making NTC estimates an addition of about 90 billion rupees or $1.9 billion from the sale of land in Mumbai. Sales of land throughout the country might increase by twice the previous estimate of 50 billion rupees in this fiscal year.

There is high demand for land in the market which is indicated by the fact that seven bidders were interested in the company's sale last month. A target of 1.8 billion rupees per acre and a sales target of 50 acres seems feasible for the company.

10.77 acres of land in Worli, Central Mumbai, were sold in two auctions by the company, allowing it to earn 19.8 billion rupees. Both the land plots were purchased by an entity of Indiabulls Real Estate Ltd., which paid about twice the reserve price fixed by the manufacturer.

NTC might sell more land in Central Mumbai area in the coming month after getting sanction from the Maharashtra Govt. for including land with obsolete plants, under the Integrated Development Scheme.

The company fetched 60 billion rupees from land sale across the country in the last five fiscal years, inclusive of two billion rupees in the last fiscal year and 19.79 billion rupees till now, in this fiscal year. Of late, it is involved in selling units in Bangalore as well as Indore.

The textile manufacturer has 1,200 acres of land for sale in the country. It is hopeful to bring 600 million rupees from the sale of a 16-acre plot in Indore and almost the same amount from the sale of 1.73 acres of land in Bangalore. Both the auctions will begin in the later half of October.

Fibre2fashion News Desk - India

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