After garnering about Rs 2,000 crore from the sale of land in Mumbai’s prime locations, the National Textile Corporation (NTC) has fixed a reserve price of Rs 300 crore for a two-acre property in Bangalore.
NTC, which has become a profitable government-owned company, would launch its e-auction in less than a month for the land, located in a prime area of the country’s Silicon Valley. The land is being sold because the NTC-owned Minerva Mills there has become defunct.
Indiabulls InfraEstate had bagged NTC’s 8.3 acres of Bharat Textile Mills land in the Worli area of Mumbai for a whopping Rs 1,505 crore.
It also won the company’s 2.3-acre Poddar Mill land for Rs 474 crore, paying almost double the reserve price of Rs 250 crore. NTC has been using funds from the land sale for modernisation and diversification of mills.
The company has launched an ambitious Rs 9,102-crore revival package for 24 mills. It has spent about Rs 900 crore and completed the modernisation of 18 mills.
After the sale of Mumbai land, the company has revised its mop-up target for this financial year to Rs 8,000 crore against Rs 5,000 crore. The company has about 1,300 acres of land in various places like Mumbai, Bangalore, Indore, Karnataka and Coimbatore.