NTC to auction two acres of Bangalore land soon

NTC to auction two acres of Bangalore land soon

NTC, which has become a profitable government-owned company, would launch its e-auction in less than a month for the land located in the prime area of the country's silicon valley.

"The reserve price has been fixed at Rs 300 crore for the Bangalore land," NTC Chairman and Managing Director K Ramachandran Pillai told PTI.

The land has been made disposable because the NTC-owned Minerva Mills 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 its 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.