NTC resumes e-auction in Gujarat

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New Delhi, Dec 30: With the approval of Board for Industrial & Financial Reconstruction (BIFR), National Textile Corporation (NTC) once again resumed its online auction or e-auction from Wednesday, Dec 29.

This time NTC, during its three-day auction (Dec 29 to Dec 31), will sell off the plots of its two closed mills in Gujarat.

The online auction on Dec 29 for the 33,222 sq mts plot of New Manekchowk Textile Mills in Ahmedabad began at 10 am with the reserve price of Rs 41.27 crore and 21 bidders in the fray.

After hours of spirited bidding, the price for the plot which also accommodates a bungalow 400 sq mtrs built-up area shot up to Rs 90.31 crore at 5:30 pm.

"One of the best aspects of the e-auction is that the bidders get multiple opportunities to secure a plot, unlike in the manual tender. Thus it also ensures the best price for the seller," stated NTC Chairman.

The company has about 1,300 acres of land in various places like Mumbai, Bangalore, Indore, Karnataka and Coimbatore. NTC also intends to sell 30 acres of land of Minerva Mills, Bangalore through e-auction in the near future.

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