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Three-day e-auction to sell two NTC mills in Gujarat
Dec '10
After the path-breaking e-auctions in July/August, 2010, the National Textile Corporation (NTC) is putting two more properties of its closed mills in Gujarat under the hammer from today (December 29).

The three-day online auction will begin at 10 am on today (Wednesday) to sell 33,222 sq mts plot of New Manekchowk Textile Mills in Ahmadabad and 61,040 sq mts of land belonging to closed Mahalaxmi Textile Mills at Bhavnagar.

The NTC has put a reserve price of Rs 41.27 crore for the New Manekchowk plot, placed opposite Idgah Police Chowkey and having the open land including a bungalow with 400 sq mtrs built-up area. As many as 21 parties have paid the earnest money deposit and are likely to take part in the auction.

The reserve price for the lot of Mahalaxmi Textile Mills, on the Vartej Road at Bhavnagar, has been fixed at Rs 27.47 crore. Three real estate companies have been shortlisted for the auction. The online e-auction, for both the properties together, will start from 10 am tomorrow and close at 5 pm on December 31, with auto-extension option as in the case of the previous rounds.

"Going by the response in the two rounds we held in July and August, these two auctions are going to be so competitive though, this time, the plots are comparatively lesser in value. This time also we expect a very positive response," NTC Chairman and the Managing Director K Ramachandran Pillai said.

NTC, which has made a turn-around in the recent past to emerge as a profitable entity with a comprehensive modernisation-cum-revival plan approved by BIFR, created history by launching e-auction in the public sector.

NTC has already announced the sale of more properties of its closed mills to part-finance the revival package worth Rs 9102 crore for 24 mills. The modernisation of 18 mills has been completed and the mills are generating profits now.

The company has about 1,300 acres of land in various places like Mumbai, Bangalore, Indore, Karnataka and Coimbatore. NTC also intends to sell 30 acres of land of Minerva Mills, Bangalore through e-auction in the near future.

The National Textile Corporation Limited (NTC) is a Central Public Sector Enterprise under the Ministry of Textiles which was incorporated in April 1968 for managing the affairs of sick textile undertakings, in the private sector, taken over by the Government. Starting with 16 mills in 1968, this number gradually rose to 103 by 1972-73. In the year 1974 all these units were nationalized under the Sick Textile Undertakings (Nationalization) Act 1974.

National Textile Corporation (NTC)

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