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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

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