National Textile Corporation (NTC) has short-listed three firms as advisors to revive 29 mills through private participation."Ernst and Young, Crisil and Dhir and Dhir have been short-listed, and they have already submitted their financial bids," K Ramachandra Pillai, chairman of NTC, said.The goverment took the decision to rope in advisors for structuring the joint venture for 29 mills after its earlier conditions for private partners failed to elicit any response. According to sources, NTC had asked a minimum of 5% of the value of land as annual rent. Since NTC mills are located in prime locations in urban areas, where the value of land is high, the rentals would be quite a sum.NTC was also exploring the option of entrusting the task of finding joint venture partners to more than one firms that have been short-listed. "After appointment of advisors, around two to three months will be required for completing the work," Pillai said.Apart from reviving 29 mills through joint ventures, NTC will modernise 22 mills on its own for Rs 534 crore as part of restructuring of the company.
