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G. Gurumurthy

Coimbatore , Nov. 15

THE sale of assets by the National Textile Corporation in Tamil Nadu has made some headway with an NTC subsidiary clinching a deal with Airforce Naval Housing Board (ANHB), New Delhi.

The board has successfully bid for the 14-acre block of land owned by the closed textile mill, Om Parasakthi, in the city. The sale has been approved by NTCs' asset sale committee, according to NTC sources.

The sources told Business Line that the board's offer price of Rs 4.5 crore for the Om Parasakthi Mills' property, which is said to be marginally higher than the reserve price of Rs 4.1 crore fixed by the committee,was approved and cleared for formal sale. The offer price was higher than the quotes from two others bids .

The asset committee, which cleared the sale during its last month-end sitting in Delhi, has also reportedly referred to the Ministry of Textiles for favourable consideration another bid received from Airforce Naval for a 9.5-acre plot of the Pankaja Mills situated in the city-centre, which has also been put on sale. Though the board's offer price of Rs 9.5 crore for the property is quite below the reserve price of Rs 13 crore, the asset committee has asked the Ministry to approve the bid. The sources said that on the sale of assets held under another closed NTC unit `Kaleeswarar A', the asset committee had approved the price bid for sale of buildings measuring 2.6 lakh sq ft. The approved price bid is for Rs 1.5 crore and the successful bidder is reported to have made over 25 per cent of the bid amount as first instalment. This apart, the asset committee has also approved the price bid of Rs 26.61 lakh quoted for a portion of 4,000 sq ft land area owned by the `Kaleeswarar-A' mills and this sale has also been confirmed.

The NTC subsidiary for Tamil Nadu/Pondicherry units has identified totally about 89 acres for sale, which comprises the surplus lands held by the textile units slated for revival and revamp as well as the entire lands of the closed mills. Of these, the subsidiary has so far notified 65 acres for sale through open tenders.

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