NTC Fetches BID for Rs.1505 crore from Sale of 8.39 acres of land of Bharat Textile mills through e-auction

INVC,,

Delhi,,

With an objective to bring transparency in the process of sale of land of the closed mills of National Textile Corporation Ltd., (NTC), Thiru Dayanidhi Maran, Union Minister of Textiles, commenced on 29.07.2010 the e-auctioning of the sale of land . The first property of 2.39 acres brought Rs. 474 crore for NTC after three days’ e-auction, on 31.07.2010. The second property in the series was put on e-auction on 4th August’10 and concluded on 6.8.10. The Textiles Minister had fixed a target of Rs. 2000 crore, while inaugurating the e-auction on 29th July, 2010 for these two properties and the NTC has been able to bag Rs. 1979 crore for 10.78 acres.

This was followed by e-auction of the next property at Mumbai viz. Bharat Textile Mills, measuring 8.39 acres (33,938.83 sq. Mtres). The reserve price of the property was fixed at Rs.750 Crore. The e-auctioning started on 4th of August, 2010 and concluded on 6th August, 2010. National Textile Corporation (NTC) thus added Rs 1979 crore to its kitty to finance the ongoing modernisation drive, by selling the plot of defunct Bharat Textile Mills at Worli in Mumbai today in a keenly-fought e-auction that saw Indiabulls InfraEstate Ltd outbidding six others to grab the prime property.

The exciting online bidding concluded after a close battle in the last phase, and saw the appreciation of the 8.39 acre prime land soaring hundred per cent, netting in the highest price for an individual property owned by the NTC. The Corporation had fixed Rs 750 as the reserve price, but on the first day of the auction itself, the highest bid touched Rs 1152 crore. It further went up to Rs 1175 on the second day, before laying the pitch for the final round battle that went upto 6.55 pm today. Lodha Structure Developers Pvt Ltd, which quoted Rs 1503 crore came second after a neck-and-neck fight..

Peninsula Real Estate Management Pvt Ltd finished third with a quote of Rs 1409 crore. The other companies vying for the property having 33,938.83-sq meters of built-up area were DB View Infracon Private Ltd, Ahimsa Realtors Private Ltd, Perspective Realty Private Ltd, Videocon Realty and Infrastructure Ltd. The two rounds of three-day e-auctions have already proved to be historic for its unique features like maximum opportunities to the bidders with no complaints and absolutely hassle free operations. The process of e-auctioning was conducted by M/s e-Procurement Technologies Ltd.,Ahmedabad on behalf of NTC. The Union Textile Minister Thiru. Dayanidhi Maran had formally launched the first ever e-auction in the public sector on July 29 to sell the acre land of Podar Mills.

The NTC is on a mission to position itself as the flag-bearer of the booming Indian textile industry by transforming itself into a profit-making integrated textile company with ginning, spinning, weaving, processing and garmenting by the end of this year.