Home / Knowledge / News / Textiles / NTC once again plans to sell family jewels
NTC once again plans to sell family jewels
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

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Rahuul Jashnani

‘Online economy has changed the whole dynamics of buying habits.’

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search