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G. Gurumurthy

Coimbatore , June 28

NATIONAL Textile Corporation (NTC) may net from asset sale more than the Rs 4,000 crore it has proposed to spend on revamp, if the prevailing boom in the property market continues for some more months.

The current round of the Mumbai-centric asset sale has already precipitated the flow of funds into NTC's kitty.

Out of the Rs 1,358 crore made from property sale through the tendering process by the corporation, over Rs 1,150 crore was made from the sale of Mumbai-based textile mills alone.

According to Mr K. Ramachandran Pillai, Chairman and Managing Director of NTC, the tenders for the Elphinstone and Kohinoor mills sale already released will be opened by July 21. He said NTC could benefit greatly from the current boom in real estate that gave a winning edge to its current tranche of land sale, thanks to the shift in stance from going for a joint venture in asset sale to outright selling.

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