NTC aims Rs 4,000 cr more from land sales
National Textile Corporation is expected to raise Rs 4,000 crore more by selling assets of mills in Mumbai, Kanpur and Indore, textiles secretary Rita Menon said. HT Correspondent reports.business Updated: Jan 19, 2010 22:06 IST
National Textile Corporation (NTC) is expected to raise Rs 4,000 crore more by selling assets of mills in Mumbai, Kanpur and Indore, textiles secretary Rita Menon said. The mills would be put on the block at an appropriate time when the real-estate market improves, she added.
“The sale of assets will be on milestone basis. We are keen to undertake these sales when the real estate market is considerably bouyant,” Menon said.
NTC has already garnered over Rs 4,000 crore through sale of assets, including that of closed mills in the last six years. It raised Rs 2,200 crore through sale of five mills in 2005.
“The firm is modernising 24 mills on its own while 16 mills are to be revived through joint ventures,” Menon added.
NTC owns 11 mills in UP and seven in MP and Chattisgarh.