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NTC receives highest bid for New Manekchowk Mills, Ahmedabad
Dec '10
An e-auction being held by the National Textile Corporation (NTC) to sell off the prime lot of the closed New Manekchowk Textile Mills in Ahmedabad picked up momentum on the penultimate day of the three-day bidding, with the price reaching Rs 95.61 crores.

• Plots of closed New Manekchowk Textile Mills in Ahmedabad, and Mahalaxmi Textile Mills, Bhavnagar, on sale
• 24 Bidders in fray for two properties

After the first day of the bidding, which sent the price of the lot spiralling more than double the reserve price, the 21 bidders maintained the tempo, but with restrained aggression. The price had reached Rs 90.31 crore at the end of the first day against the reserve price of Rs 41. 27crore.

The 33,222 sq mts plot, located opposite Idgah Police Chowkey, includes a bungalow with a 400 sq mts built-up area. The lot has generated huge interest among real estate developers, with the NTC receiving good response.

The public sector textile company is also holding a simultaneous e-auction for the 61,040 sq mts of land belonging to closed Mahalaxmi Textile Mills at Bhavnagar. The reserve price fixed for the lot is Rs 27.47 crore and three participants are bidding for it.

The e-auction, NTC's third this year, is expected to close at 5 pm on Friday (December 31). However, it could go beyond the deadline because of the auto-extension option.

"We are happy that the auction has generated good response among the bidders. The impact on the first day was above expectations, and we expect the final day to witness a close finish, if the previous two auctions are an indication,'' said NTC Chairman and the Managing Director K Ramachandran Pillai.

The NTC has created history of sorts in the public sector by taking the e-route to sell off surplus lands of the closed mills.

The company has already announced plans to dispose of more properties of its closed mills to part-finance the revival package worth Rs 9,102 crore for 24 mills. The modernisation of 18 mills has been completed and they are now generating profits.

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

National Textile Corporation (NTC)

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