The government today said National Textile Corporation (NTC) has identified 108 acres of surplus land for sale at an estimated value of Rs 3,990 crore, Parliament was informed today.
"108 acres of surplus land is identified for disposal at an estimated value of Rs 3,990 crore," Minister of State for Textiles Panabaaka Lakshmi said in the Rajya Sabha.
Recently, real estate major Indiabulls Infraestate bagged NTC's 8.3 acres of the defunct Bharat Textile Mills, in the posh Worli area of Mumbai, for a whopping Rs 1,505 crore.
The company also bought NTC's 2.3-acre Poddar Mill land for Rs 474 crore, paying almost double the reserve price of Rs 250 crore.
The Board of Industrial and Financial Reconstruction (BIFR) has approved modernisation of mills under the NTC through the sale of surplus land and other assets.
As per the scheme approved by BIFR, funds generated from sale of surplus land are utilised for modernisation as well as payments under the Modified Voluntary Retirement Scheme, Lakshmi added.
NTC's 77 unviable mills have been closed under the Industrial Disputes Act and 18 viable mills, which have been modernised, are generating cash profits.
The company has surplus land across the country, including Mumbai, Bangalore, Indore, Karnataka and Coimbatore.
