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12 private firms line up to revive 16 NTC mills

12 private firms line up to revive 16 NTC mills
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First Published: Mon, Jul 09 2007. 06 41 PM IST
Updated: Mon, Jul 09 2007. 06 41 PM IST
PTI
New Delhi: Indiabulls, Alok Industries, Alps Industries and Nitco Tiles are among a dozen of private sector firms that have shown interest in partnering National Textiles Corporation for modernising 16 mills of the state-owned company.
“Twelve companies have already made their presentations to us and are currently engaged in due diligence of the mills. They are visiting the mills to evaluate the investment required in machinery, technology upgradation and infrastructure,” NTC chairman and managing director K Ramachandran Pillai told PTI.
The companies have the option of partnering the NTC for more than one mill, he said. They would be offered a 49% stake in the venture, the rest would remain with NTC.
The other companies in the fray are Abhishek Industries, SBPL, Ganesh Polytex, Falcon and Liners India Ltd.
“We have given them time till 15 July to complete the due diligence after which we will hold one-to-one meetings to discuss the details,” he said.
The mills will be re-developed and modernised in joint ventures with real estate developers and textile corporate houses.
NTC has appointed Deollite as consultant for the Rs500 crore modernisation plan for its mills.
“I am very hopeful that the mills will run as profitable ventures and in another 1-2 months’ time everything will fall into place,” he said.
NTC is also modernising 22 mills by itself and the process is expected to be completed by December.
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First Published: Mon, Jul 09 2007. 06 41 PM IST