NTC plans to sell off 3.12 acres of prime land | india | Hindustan Times
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NTC plans to sell off 3.12 acres of prime land

india Updated: Nov 01, 2006 16:08 IST

NATIONAL TEXTILE Corporation (NTC) plans to sell off 3.12 acres of prime land at Yeshwant Niwas Road, home to its corporate office in Madhya Pradesh.

The property is worth at least Rs 40 crore at current market rates. Sources in the NTC say that valuations have been completed and the NTC will float tenders shortly, although the date has not been fixed.

All the three NTC mills in the City have been closed down and most of its assets have been auctioned. The NTC has more than 150 acres of land in the City, which the government had given to it on a 99-year lease.

The NTC’s proposal to sell off mill lands in the City has been in limbo for a while with the State Government opposing the move, as the land is leasehold. However, the Yeshwant Niwas Road property is a freehold land.

An NTC official, who did not wish to be quoted, told Hindustan Times that the sale was part of the company’s plan to sell surplus assets to meet its dues. “NTC and its nine subsidiaries have been merged into a single entity with its headquarters in New Delhi and we don’t need a corporate office here,” he said. When contacted, NTC General Manager M L Narula said, although valuations have been done, a final decision is yet to be taken.

“We have to take lot of things into account, including the fate of staff working there, before taking any decision,” he said.

The proposal has not gone down well with some of the former mill employees who have ongoing legal disputes related to payment or compensation.

“At present, we approach the corporate office to get some information under RTI Act, but now we will have to go all the way to Delhi,” said a former employee whose case is pending in the High Court.