Home / Knowledge / News / Textiles / NTC sells two mill plots in Gujarat through e-auction
NTC sells two mill plots in Gujarat through e-auction
05
Jan '11
The National Textile Corporation (NTC) met with success in e-auction in 2010. It concluded the sales deal for two of its closed mills in Gujarat for a total price of Rs 1.4593 billion, which is far beyond the reserve price of Rs 687.4 million.

The Corporation started a three day e-auction for both the plots on December 29, 2010. The first one is the Ahmedabad-based New Manekchowk Textile Mills plot measuring 33,222 sq mts, whereas the other is the Mahalaxmi Textile Mills plot at Bhavnagar measuring 61,040 sq mts.

The reserve price for the Bhavnagar plot was fixed at Rs 274.7 million against which the plot fetched a price of Rs 275.3 million, while the Ahmedabad plot fetched a price of Rs 1.184 billion exceeding the reserve price of Rs 412.7 million by almost 2.5 times.

This is for the third time that NTC opted for the trend setting path of e-auction to sell off its extra unused properties. The Corporation for the first time opted for e-auction for sale of its Mumbai-based Poddar Mill's plot measuring 2.3 acres when it secured a price of Rs 4.74 billion as against the reserve price of Rs 2.5 billion.

Similarly, it secured an enormous price of Rs 15.05 billion as it sold its Bharat Textile Mills plot at Worli in Mumbai, during the second round of e-auction that was conducted during August 4 to 6, 2010. The reserve price for this plot was fixed at Rs 7.5 billion.

The Corporation possesses around 1,300 acres of land across various cities in India like in Bangalore, Karnataka, Mumbai, Indore and Coimbatore.

The plots of the closed mills are being sold through e-auction so as to support the funding of its Rs 91.02 billion worth modernisation-cum-revival package for 24 mills. The Corporation even plans to sell its Bangalore-based Minerva Mills plot measuring 30 acres, through e-auction in the coming days.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

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

Yash P. Kotak
Bombay Hemp Company

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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