National Textile Corporation Selling Its Bharat Textile Mills Through E-Auction

National Textile Corporation (NTC) is selling its 8.38 acres Bharat Textile Mills in Lower Parel for Rs.750 Cr through e-auction.

NTC will use the fund to part-finance its Rs.9,102 Cr expansion, diversification and modernisation plans.

The reserve price of the Bharat Textile Mills has been fixed at Rs 750 Cr.

NTC is also planning to sell another unit, Poddar Processes, also in Lower Parel for about Rs.250 Cr.

Established in 1968, NTC is entering the market more than a year after its attempt to sell its Finlay Mills at Parel. The sale has been pending since December 2008 when NTC tried to sell it for the first time.

After two failed tenders, the third was held in July 2009 when Lodha emerged as the highest bidder with a bid of Rs.657.90 Cr, which was later raised to Rs.710 Cr, the single highest amount received by NTC for any of its properties across India.

However, due to some controversy, NTC did not accept Lodha’s bid of Rs.710 Cr which forced the developer to approach the Delhi high court. The court referred the matter to Board for Industrial and Financial Reconstruction (BIFR), which recently upheld the sale of this mill to the Lodhas.

But the biggest gain for NTC was in 2005 when it sold five of its mills (included Mumbai Textiles, Apollo, Kohinoor and Jupiter) in Mumbai for over Rs.2,000 Cr.

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.

NTC has nine mills in Mumbai including Prabhadevi, Worli and Lower Parel with total area of these mills nearing to 60 acres.

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