National Textiles Corp sells Worli mill land for Rs.474 crore | delhi | Hindustan Times
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National Textiles Corp sells Worli mill land for Rs.474 crore

The first ever e-auction conducted by Indian public sector undertakings ended today with the National Textiles Corporation selling a closed mill at Worli in Mumbai for Rs.474 crore.

delhi Updated: Jul 31, 2010 20:09 IST

The first ever e-auction conducted by Indian public sector undertakings (PSUs) ended on Saturday with the National Textiles Corporation (NTC) selling a closed mill at Worli in Mumbai for Rs.474 crore. The winning bidder was Indiabulls Infratech Limited.

The 2.39 acre Podar's Mill, fetched much higher than its reserve price of Rs.250 crore, encouraging the NTC, which plans a series of online biddings planned to rake in Rs.5,000 crore.

The NTC will now be putting the 8.37-acre Bharat Textile Mill land in Worli under the hammer from Aug 4 to 6. Seven real estate majors have already been shortlisted and the NTC has fixed a reserve price of Rs.750 crore.

Indiabulls Infratech beat seven other contenders to win the coveted sea-facing property in a close fight that lasted three days after Textiles Minister Dayanidhi Maran on Thursday formally launched the trend-setting e-auction.

"It was quite exciting and encouraging. This proved to be an excellent option because of many factors. Unlike in the manual bidding, the bidder gets multiple opportunities, as quotes are visible to the bidders. It is the best way to ensure transparency and nothing can be better than this for realizing the best price," NTC chairman K. Ramachandran Pillai said, according to an official release.

Other bidders who vied for the property of the closed mill were Delhi-based National Building Construction Corporation Limited, Mumbai's Kohinoor Duet, Peninsula Mega-City Development Private Limited, Celebration Developers Private Limited, Runwal Developers Private Limited, Lodha Ultimate Buildtech & Farms Private Limited, and DB View Infracon Private Limited.

"We hope to hold at least ten more such e-auctions and the prices expected from the sales will go much beyond our target of Rs.5,000 crore this financial year," Pillai added.