National Textile Corporation (NTC) has raised Rs146 crore by selling land belonging to two closed mills in Ahmedabad and Bhavnagar, in Gujarat, through e-auctions.
Ahmedabad Advance Mills Ltd bid Rs118.40 crore for a 33,222 sq metre land belonging to the closed New Manek Chowk Textile Mills in Ahmedabad, about 2.5 times its reserve price of Rs41.27 crore.
Real estate firm Ajmera Realty failed to make it with the second highest bid of Rs118.30 crore.
Lok Prakashan Ltd bid Rs27.53 crore for the 61,040 sq metre plot belonging to the closed Mahalaxmi Textile Mills at Bhavnagar, against its reserve price of Rs27.47 crore.
Lok Prakashan made it to the final after two days of subdued bidding by three other participants.
The auction for the two plots began at 10 am on 29 December. The bidding for the Ahmedabad plot finally closed only after the auto-extension period.