NTC garners over Rs 1K cr bid for 8.3-acre Mumbai plot

National Textile Corporation (NTC) has so far received bids as high as Rs 1,016 crore for 8.3 acres of prime land up for sale in Mumbai against the reserve price of Rs 750 crore.

Till 6.45 pm today, the highest bid received by NTC for its Bharat Mills land was Rs 1,016 crore, a source said. The e-auction began today and will continue till August 6.

Seven realty firms are participating in the bidding process -- D B View Infracon, Ahinsa Realtors, Peninsula Realestate Management, Perspective Realty, Lodha Structure Developers and Indiabulls Infraestate.

NTC, which has put its closed mill land on the auction block to raise funds to modernise 24 mills at a cost of Rs 3,875 crore, had last week sold 2.39 acres of Poddar Mills land in the Worli area for Rs 474 crore to Indiabulls against the reserve price of Rs 250 crore.

NTC is expecting a repeat of sorts from its Bharat Mills land too, as like the previous area, this plot is also located in the prime Worli area of the island city.

"Going by the aggressive mood in the beginning itself, our second e-auction is set to at least repeat the same story of first auction by all means. The first electronic auction brought us a rate that was almost double the expectations. We look for a more exciting finish this time," NTC Chairman K Ramachandran Pillai said in a statement.

Going by the trend set by the Poddar Mills, 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.