Realty firm Indiabulls Real Estate today bagged National Textile Corporation's 8.3 acres of prime mill land in Mumbai for Rs 1,505 crore, more than double the reserve price.
This is the second NTC mill land that Indiabulls has won in as many auctions.
It had last week won the 2.3 acres of NTC's Poddar Mill land at Worli for Rs 474 crore against the reserve price of Rs 275 crore. Indiabulls bagged the Bharat Textile Mills land of NTC, which plans to raise funds to modernise its existing mills.
After an intense bidding through e-auction for the last three days, Indiabulls outbid Lodha Group's Rs 1,503 crore offer, NTC Chairman K Ramachandran Pillai said.
NTC had fixed the reserve price for Bharat Mills land at Rs 750 crore.
The state-owned firm intends to sell eight closed mills in Mumbai.
