NTC to garner Rs 3,000-4,800 cr by selling Mumbai mill land

Source:Press Trust Of India / New Delhi March 22, 2010, 1:04 IST

Hoping to rake in anything between Rs 3,000-4,800 crore, the 

National Textile Corporation (NTC) today said it would sell

around 60 acres of prime mill land in Mumbai within a year.

The state-owned firm would utilise the proceeds to part- finance
its Rs 9,102-crore expansion, diversification and modernisation programme,
Chairman and Managing Director K Ramachandran Pillai said.

"We have nine mills in prime areas of Mumbai in and around Worli,
Lower Parel and Prabhadevi. The total area of these mills is around 60 acres.
We will sell them in phases and the entire process will be
completed within a year," Pillai said.

The price of land in these areas of the country's financial capital could
be in the range of Rs 50-80 crore per acre, he said, adding, however,
that it would all depend upon the size and location of the mills.

Going by the previous experience of the firm, the mill lands
might fetch NTC even more money. In 2005, a NTC mill-land
at Worli was sold at 274 per cent over and above the reserve price.

"We take advice from leading real estate consultants for selling
of the land and this time too there will be no exception.
We will issue tenders and the highest bidder will get the land.
The tendering will start from April onwards," Pillai said.

As part of the firm's modernisation programme, NTC had
identified 24 mills for upgradation and has completed the work
on 18 of them with an investment of Rs 800 crore.

"We will go for further modernisation depending on resource
generation through the sale of assets. We have taken the
in-principle decision. The investment towards this is yet to be
earmarked," Pillai said, adding that the three new plants of the
company would be up and running in the next financial year.






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