NTC to auction Mumbai mill land

State-run National Textile Corporation will auction 8.38 acres of prime land in Mumbai in an attempt to garner Rs750-crore from sale.

National Textile Corporation (NTC) had earlier called for sealed tenders for sale of Bharat Textile Mills, located in Lower Parel, one of the prime areas in the city.

The firm had earlier planned to sell 60 acres of Mumbai mill land in phases within the current fiscal to part-finance the company's Rs 9,102 crore expansion, diversification and modernisation programme.

NTC has nine mills situated in prime locations of the country's financial capital, including Prabhadevi, Worli and Lower Parel.

While the reserve price (starting price) of the Bharat Textile Mills has been fixed at Rs 750 crore, it is expected that NTC could fetch higher going by the company's previous experience.

NTC originally had 119 mills, out of which 77 were closed under the Industrial Disputes Act. Two have been handed over to the Pondicherry government and five are being revived through joint ventures with Pantaloons, Alok Industries and Bhaskar Industries.