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  • Indiabulls bags prime NTC land in Mumbai for Rs 474 cr

    Published on August 1, 2010

    Financial and realty major Indiabulls Infratech on Saturday emerged as the auction winner of 2.39 acres of prime land belonging to NTC at Worli in Mumbai for Rs 474 crore, against the reserve price of Rs 250 crore.

    Indiabulls won the bid through an electronic auction conducted by National Textiles Corporation (NTC) for sale of land vacated by its closed Poddar Mills.
    “After three days of intense bidding, Indiabulls won with its Rs 474-crore bid,” NTC Chairman K Ramachandran Pillai said.
    Runwal Developers, another Mumbai-based realty firm, was the second-highest bidder at Rs 472 crore.
    Going by the trend, NTC may rake in more than Rs 10,000 crore from the sale of 55 acres of its land, located in prime areas of the metropolis, against its conservative estimate of Rs 5,000 crore.
    Other major builders that made bids for the Poddar Mill land included government-owned National Building Construction Corporation, Lodha Ultimate Buildtech, DB View Infracon and Kohinoor Duet.
    Pillai said NTC is selling its land for funding revival and modernisation of its 24 mills in the country, at a cost of Rs 3,875 crore.
    The company is expecting to rake in a minimum of Rs 5,000 crore from 55 acres located in the heart of the metropolis.
    When asked if the company would continue to sell all the 55 acres even if it was able to garner its requirement of Rs 3,000 crore through much less, he said, “We will go ahead with the auctions.”
    On utilisation of surplus cash, he said that the company would take a decision at an appropriate time.

    Indiabulls won the bid through an electronic auction conducted by National Textiles Corporation (NTC) for sale of land vacated by its closed Poddar Mills.
    “After three days of intense bidding, Indiabulls won with its Rs 474-crore bid,” NTC Chairman K Ramachandran Pillai said.
    Runwal Developers, another Mumbai-based realty firm, was the second-highest bidder at Rs 472 crore.
    Going by the trend, NTC may rake in more than Rs 10,000 crore from the sale of 55 acres of its land, located in prime areas of the metropolis, against its conservative estimate of Rs 5,000 crore.
    Other major builders that made bids for the Poddar Mill land included government-owned National Building Construction Corporation, Lodha Ultimate Buildtech, DB View Infracon and Kohinoor Duet.
    Pillai said NTC is selling its land for funding revival and modernisation of its 24 mills in the country, at a cost of Rs 3,875 crore.
    The company is expecting to rake in a minimum of Rs 5,000 crore from 55 acres located in the heart of the metropolis.
    When asked if the company would continue to sell all the 55 acres even if it was able to garner its requirement of Rs 3,000 crore through much less, he said, “We will go ahead with the auctions.”
    On utilisation of surplus cash, he said that the company would take a decision at an appropriate time.

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