Financial Daily from THE HINDU group of publications
Tuesday, Jun 17, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jun 17, 2003 |
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Industry & Economy
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Textiles Surplus land sale — NTC panel okays bid for Pankaja Mills G. Gurumurthy
COIMBATORE, June 16 THE ailing public sector textile behemoth National Textile Corporation (NTC) may at last see some money flowing in from the sale of surplus land in Tamil Nadu. The Asset Sale Committee (ASC) of the NTC, which last week considered the revised bids received for a first tranche of surplus lands and the closed mill buildings identified for sale announced by the NTC's Tamil Nadu subsidiary through tender, has okayed the sale of 34 cents of surplus land owned by the Pankaja Mills, the fully-operating NTC unit located within the city. The ASC is said to have accepted the highest of the three bids that were received for the Pankaja Mills' property. The value of the consideration that clinched the deal is however not known. The ASC has chosen to clear the Pankaja Mills' surplus land as the rate quoted by the successful bidder is found to be 20 per cent more than the reserve price fixed for the property, sources close to NTC said. The NTC sources told Business Line that the ASC, which met on June 13 at the NTC holding company in Delhi, has also accepted the bids received for the building properties of three defunct textile units — Om Parasakthi, Krishnaveni and Somasundara — all located in the city. It is said that two bids were received for the mill buildings of the Krishnaveni Mills, though the bid amounts quoted were below the reserved price but the committee has decided to accept the highest among the two. The third bid received which quoted for both the land and building properties of Krishnaveni was, however, rejected as it was found below the reserve price. In the case of Omparasakthi and Somasundara mills properties, two bids each were received only for building and the highest was accepted. The surplus land of Pankaja Mills and the two building properties of Om Parasakthi and Krishnaveni cleared for sale is expected to get Rs 1.70 crore to the kitty of the NTC Tamil Nadu subsidiary.NTC's Tamil Nadu subsidiary has put on sale a total of about 80 acres of surplus lands from functioning textile units and the lands located in the closed textile mills, which were identified for sale through open tender. The ASC has decided to re-invite tenders for the Balarama Varma Textile Mills whose land and buildings along with machinery were put for sale as the bid, received for only the machinery, was found to be not acceptable. Similarly, the ASC has also decided to re-invite bids for the 80 cents of surplus land from another city based functioning NTC mill, Coimbatore Sri Murugan Mills. The two bids received for these property were rejected by the committee.
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