National Textile Corporation (NTC) is planning to sell around 60 acre of
prime mill land in Mumbai within a year. It is expected to garner anything
between Rs 3,000-4,800 crore from the proposed sell.
NTC is likely to use the proceeds to part-finance its Rs 9,102-crore
expansion, diversification and modernisation programme. It has nine mills in
prime areas of Mumbai in and around Worli, Lower Parel and Prabhadevi. The total
area of these mills is around 60 acre. It plans to sell this land in phased
manner and the entire process will be completed within a year. The tendering
process is likely to start in April 2010.
As part of the firm's modernisation programme, NTC had identified 24 mills
for upgradation and has completed the work on 18 of them with an investment of
Rs 800 crore.
Also See:
NTC
revives three Mumbai mills (18-Jan-10)