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National Textile gets bids over double reserve price for Gujarat lot

National Textile gets bids over double reserve price for Gujarat lot
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First Published: Thu, Dec 30 2010. 07 31 PM IST
Updated: Thu, Dec 30 2010. 07 31 PM IST
Mumbai: India’s National Textile Corp (NTC), which is selling its mill lands across the country, said on Thursday it has received bids as high as Rs95.6 crore as 21 firms vie to buy the closed property in Ahmedabad in Gujarat.
The reserve price for the New Manekchowk Textile Mill in Ahmedabad was initially fixed at Rs41.27 crore.
“The lot has generated huge interest among real estate developers, with the NTC receiving good response,” the state-run company said in a press release.
Three firms are bidding for another plot at Bhavnagar in Gujarat for which the price is fixed at Rs27.47 crore, it added.
The e-auction, NTC’s third this year, is expected to close at 5 pm on Friday, but it can go beyond the deadline, it said.
The company has already announced plans to dispose of more properties of its closed mills to part-finance the revival package worth Rs9,102 crore for 24 mills.
Modernization of 18 of its mills has been completed and they are now generating profits, NTC added.
NTC had kicked off online auctions earlier this year by selling two mills in Mumbai to Indiabulls Real Estate for Rs1,980 crore.
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First Published: Thu, Dec 30 2010. 07 31 PM IST