NTC garners Rs 6,154 cr through sale of surplus land

NTC has sold 1,476.03 acres and has 2,774 acres of total area of excess land available

National Textiles Corporation (NTC) has generated Rs 6,154 crore funds from the sale of surplus land, Parliament was informed today.

As on June 30, 2013, NTC has sold 1,476.03 acres and has generated sale proceeds worth Rs 6,154.94 crore, Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Lok Sabha.

Besides, the total area of excess land available with the company for sale is 2,774.70 acres, the minister said.

"The sale of land is being effected by NTC as per the revival plan approved by the government and sanctioned by the Board for Industrial and Financial Reconstruction (BIFR)," she said.

The plan, being self-financing, the resources are to be generated by sale of surplus land and assets, she added.

Based on the Techno-Economic Viability Study (TEVS) conducted by Textiles Research Associations (TRA), BIFR approved the revival scheme for NTC in 2002 and subsequently modified in 2006 and 2008.

As per the scheme approved by the BIFR, NTC has closed down 78 mills.

Presently, 23 NTC units are functioning in the country.