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

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Thrace-LINQ expanding Dorchester County operations

Thrace-LINQ, a global supplier of fabrics for the textile industry,...

Courtesy: Levis

Fashion | On 26th Sep 2017

Google unveils smart denim jacket with Levi Strauss

Ending the months-long wait, Google has unveiled its smart denim...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

September 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
75.5%
No
12.2%
Skip
12.2%

Total Votes: 49

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

Yes No

Active Poll

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

Yes
63.3%
No
24.5%
Skip
12.2%

Total Votes: 49

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

Yes No

Active Poll

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

Yes
87.8%
No
6.1%
Skip
6.1%

Total Votes: 49

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

Active Poll

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

Yes
71.4%
No
10.2%
Skip
18.4%

Total Votes: 49


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