Lodha Group top bidder for NTC prime land in Mumbai

Mumbai-based real estate company Lodha Group today said it has emerged as the highest bidder for 10-acre National Textile Corporation (NTC) land at a prime location in Mumbai with its bid of Rs 657 crore.

Company Director Abhinandan Lodha told PTI that the Lodha Group has emerged as the highest bidder for purchase of land at Lower Parel from NTC's Finlay Mills.

NTC officials were not reachable for comments.

Lodha said, "There was no reserved price fixed by the NTC."

He said it might take about three months for completing the acquisition process.

Asked what the group plans to do on the land, Lodha said, "At this point of time it is too early to say anything."

The revival plan of the ailing NTC hinges upon the sale of surplus land. Most of the mills had land in downtown areas of different cities.

Lodha said the group had acquired the NTC's Apollo Textile Mills land in 2005 for Rs 180 crore in the adjoining area at Lower Parel.