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NTC once again plans to sell family jewels
23
Oct '10
National Textile Corporation (NTC) plans to sell its properties in Indore and Bangalore, following the e-auctions of two of its properties that it had undertaken in the months of July and August, fetching around Rs 20 billion.

The corporation will put 16.57 acres of land for auction, out of its surplus land of Malwa United Mills in Indore, with a reserve price of Rs 600 million, from October 25 to 27. And the tenders have already opened on October 18, to select the participants in the three-day auction.

Also, in Bangalore, 1,703 acres of land of Minerva Mills will be auctioned from November 15 to 17. Reserve price for this land has been fixed at Rs 500 million, and the tenders have been already invited to call the interested parties.

NTC expects to fetch double the reserve price, which it has fixed at Rs 1.1 billion for the two auctions, considering the previous two auctions and the tough competition between the contenders during those auctions.

The Corporation is taking into account the undertaking of six more e-auctions during the current fiscal. Considering the record results of two e-auctions, it expects to grab about Rs 80 billion, which is 60 percent more than the previous target, by putting the surplus land on sale.

Around 1,300 acres of surplus land is available with the corporation in cities such as Mumbai, Bangalore, Indore, Karnataka and Coimbatore. It has utilized its ambitious Rs 91.02 billion revival package for revamping 24 mills, after closing 77 unworkable mills. It has modernized 18 mills by investing about Rs 9 billion.

Fibre2fashion News Desk-India

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