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Rediff News  All News  » Business » NTC land gets Rs 284-cr bids

NTC land gets Rs 284-cr bids

Last updated on: July 30, 2010 12:01 IST

PowerDebuting on a buoyant note, the state-owned National Textiles Corporation's 2.39-acre mill land at Worli in Mumbai has received bids as high as Rs 284.4 crore (Rs 2.84 billion) on day one on Thursday.

The Podar Mill, which went under the hammer today, is expected to get higher bids in the remaining two days of the e-auction.

Indiabulls Infratech, National Building Construction Corp, Kohinoor Duet, Peninsula Mega-City Development and Lodha Ultimate are among the eight entities which have evinced interests for buying the sea-facing land.

At the current rates, NTC is likely to fetch more than its own estimates of Rs 5,000 crore (Rs 50 billion) from about 55 acres of closed mills' land that it plans to sell.

BS reporter in New Delhi