Day 2: Bidding for Podar Mills records Rs 317 crore

The online auction of Podar Processing mills, which was put on block by the National Textile Corporation has reached Rs 317.02 crore on Friday. HT reports

The online auction of Podar Processing mills, which was put on block by the National Textile Corporation (NTC) has reached Rs 317.02 crore on Friday.

HT Image

The three day auction will end on Saturday after which the Worli based mill would be handed over to the highest bidder there are eight bidders for the 2.4 acre mills.

“We feel that the bidders will bid aggressively on the last day and we will get a great price,” said a NTC official, requesting anonymity.

Next week, the NTC will start bidding for the Bharat Textile Mills, which is touted to fetch a record price for the textile corporation. The reserve price of this 7.5 acre mill is fixed at Rs 750 crore, which is higher than all the previous bidding of last five mills.

The Lower Parel based 17.5 acre Mumbai Textile mills was purchased by DLF for Rs 702 crore which is the highest deal till date for the NTC.

This is the part of Rs 6,000 crore that NTC plans to raise through sale of its mills across the country to fund its ambitious Rs 9,000 crore expansion and modernisation plan.