NTC to sell land of closed mills through e-auction news
06 July 2010

The National Textiles Corporation Ltd (NTC) hopes to repeat the success of the recently-held government auction of 3G and broadband spectrum by taking the 'e-auction' route for sale of land of its closed mills.

The NTC has already issued advertisements in the newspapers for 'e-auction' for the sale of land of Bharat Textile Mills and Poddar Textile Mills in Mumbai, on the directions of textile minister Dayanidhi Maran.

NTC has so far been resorting to the tender process for selling its immovable properties.

The on-line forward auction will be conducted for 4 days with the applicable auto extension. Resorting to e-auction would add transparency to the entire sale process and is expected to put a full stop to all misgivings normally associated with the sale of properties, a government release said.

Sale of all the remaining properties of closed mills of NTC would also be auctioned only online, it added.

The National Textiles Corporation Ltd is a public sector undertaking under the ministry of textiles, Government of India. The NTC, which is under the revival scheme of BIFR, has the mandate of raising funds through sale of land/ building of the closed mills for the purpose of meeting the cost of modernisation of the other working mills, salary of the employees, etc.

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NTC to sell land of closed mills through e-auction