Indiabulls buys NTC mills plot for Rs 1505 cr

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NTC
New Delhi, Aug 7: Indiabulls InfraEstate Ltd won the bid the National Textile Corporation's (NTC) plot of defunct Bharat Mills at Worli in Mumbai by quoting a price of Rs 1505 crore.

The auction for 8.37-acre prime land was fought closely between six contenders and ended on Firday, Aug 6 when Indiabulls outbid the rest by offering a more than what was even expected.

The Corporation had fixed Rs 750 as the reserve price, but on the first day of the auction itself, the highest bid touched Rs 1152 crore. It further went up to Rs 1175 on the second day, the state-owned NTC said in a statement.

Lodha Structure Developers Pvt Ltd, which quoted Rs 1503 crore came second after a neck-and-neck fight while Peninsula Real Estate Management Pvt Ltd finished third with a quote of Rs 1409 crore, it added.

This comes after NTC held a similar e-auction for Podar Mills property at Worli, Mumbai, which was sold at Rs 474 crore last week.

"Once again, it is proved that the e-auction is the best tool to dispose off the land and we hope many more PSUs would follow the suit. This time also, we could fetch a price far more than our expectations and we are extremely happy.

"This augurs well for the future auctions planned and also for the entire NTC family as we are together on a mission to transform it into a profit-making venture and emerge as the flag-bearer of the national textile industry,"" said NTC Chairman K Ramachandran Pillai.

Pocketing Rs 1505 crore in the latest auction, NTC now has more financial might to fuel its ongoing modernisation drive.

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