Home / Knowledge / News / Textiles / NTC receives highest bid for New Manekchowk Mills, Ahmedabad
NTC receives highest bid for New Manekchowk Mills, Ahmedabad
30
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)


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X