NTC raises $32.46m via land auction
National Textile Corporation (NTC) has raised 1.46 billion rupees ($32.46 million) by selling two of its surplus mill lands in the western Indian city of Gujarat via e-auctions.
January 03, 2011 / 09:16 IST
State-run National Textile Corporation (NTC) has raised 1.46 billion rupees ($32.46 million) by selling two of its surplus mill lands in the western Indian city of Gujarat via e-auctions.
NTC had fixed a reserve price of 687.4 million rupees for both the assets.Gujarat-based firm Ahmedabad Advance Mills Ltd paid 1.18 billion rupees for a 33,222 sq meters plot while Lok Prakashan paid 412.7 million rupees for a 61,040 sq meters plot, the firm said in a statement to the exchange.It has so far raised 19.79 billion rupees via two auctions earlier.NTC, which has about 1,300 acres of land in various cities across India, is modernising 24 mills at a total estimated cost of 91.02 billion rupees.An improvement in demand for textile products and apparel has prompted the federal government to spend more on reviving and modernising dormant textile mills. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
