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NTC eyes Rs 7.5 bn via e-auction of Mumbai mill land

25
Jun '10
The state-run National Textile Corporation (NTC) informed that, it will e-auction its 8.38 acres of prime land in Mumbai to generate minimum Rs 7.5 billion.

The corporation, which had earlier invited sealed tenders for sale of Bharat Textile Mills at one of the prime areas of Mumbai, Lower Parel, will now acquire e-auction mode for selling the property.

The land at Lower Parel is perfect for setting up an IT park, hospitals, hotels and educational institutions. NTC had earlier announced that, sales of 60 acres of land of Mumbai mill would be undertaken in phases during the ongoing fiscal to provide finances to company's Rs 91.02 billion expansion, diversification and modernization program.

Including Prabhadevi, Worli and Lower Parel areas in Mumbai, NTC has nine of its mills located at various prime locations of the city. When Rs 7.5 billion was fixed as the reserve price of Bharat Textile Mills, the industry insiders commented that, the corporation could garner more than this.

A mill land of the corporation at Worli was sold for 274 percent more than the reserve price, in the year 2005. Out of 119 mills of NTC, around 77 were shut down under the Industrial Disputes Act. Two out of these have been relinquished to the Pondicherry government and five are being refurbished under the co-operation with Pantaloons, Alok Industries and Bhaskar Industries.

Fibre2Fashion News Desk - India


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