The Hindu Business Line : NTC plans to sell more properties

Fresh on the block are a 1.49-acre (6,040-sq. metre) property in Nagpur and another 12.06 acres in Belur, Howrah. It has already offloaded about 41 such properties. NTC has decided to initially revive 22 mills through these mill land sales.

The Model Mills property in Nagpur, defunct for some time, has five bungalows. The plot abuts the Main Umrer Road in Nagpur and is a freehold land. The total built-up area of the bungalows is 1,558 sq. metres.

According to a property expert, the property could gross roughly Rs 1 crore. However, it cannot be compared to the sale of the Empress Mills in Nagpur, which reportedly grossed about Rs 35 crore. This is considered a premium, mainly due to the property's large size of 35 acres. He said that larger properties attract better premium.

Machinery from the Model (Nagpur), RBBA (Hinganghat) and Podar (Mumbai) mills is also being sold.

This includes spinning, weaving, processing, waste plant and folding machines.

Companies bidding for the five-bungalow property in Nagpur will have to deposit earnest money of Rs 50 lakh; and Rs 90 lakh for the mill's machinery and processing machinery from RBBA Mills, Hinganghat. Earnest money of Rs 13 lakh will have to be deposited towards bids for spinning, weaving and folding machinery of the Podar Mills in Mumbai.

Also on sale is an NTC (West Bengal, Assam, Bihar and Orissa) property called Central Cotton Mills in Belur, Howrah, which measures 48,427 sq metres. Earnest money of Rs 1.8 crore will have to be deposited.

In July this year, the sale of four other NTC (WBABO) mills was notified — Arati Cotton Mills, Dass Nagar, Howrah; Luxminarayan Cotton Mills, Rishra, Hooghly; Bengal Luxmi Cotton Mills, Serampore (all in West Bengal); and, Orissa Cotton Mills, Bhagatpur, Cuttack in Orissa.

According to an NTC official, the funds would directly go towards reviving the textile mills already identified as viable propositions by the Government. The Government has earmarked about Rs 481 crore for the mills' modernisation. Since 2002, NTC has made about Rs 2,500 crore through the sale of 41 mills.

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