Once the iconic red-brick building of British India Corporation (BICL), which manufactured the popular "Lal-Imli" brand of woollen products, made Cawnpore (now Kanpur) the Manchester of the East. In the 75th year of independence, the government may finally pull the curtains on the century-old, now defunct public sector enterprise. "The Department of Public Enterprises (DPE) has floated a draft cabinet note for closure of British India Corporation (BICL) along with National Textiles Corporation (NTC). "The Cabinet may soon tak
Sector insiders and analysts say this is due to combination of slowing property markets and liquidity issues.
Lodha Developers on Thursday said it has completed the acquisition of 17-acre prime land in Mumbai from realty major DLF for Rs 2,725 crore (Rs 27.25 billion) -- the largest realty deal so far this year.
In a big-ticket land deal, realty major DLF has sold 17 acres of prime land in Mumbai to Lodha Developers for about Rs 2,700 crore (Rs 27 billion), nearly four times higher than the price at which the company had bought this parcel seven years ago in 2005.
To reduce its mounting debt, DLF, the country's biggest real estate company, is set to sign a deal with Mumbai-based Lodha Developers for selling one of its showcase non-core assets the 17-acre National Textile Corporation (NTC) land in Mumbai.
An all-party delegation, led by Maharashtra Chief Minister Prithviraj Chavan, missed its appointment with Prime Minister Manmohan Singh as none of the members could land in Delhi due to the intense fog. The appointment was scheduled at 12.30 pm on Friday. The delegation was scheduled to urge the prime minister that the 12.5 acre Indu mill land belonging to the National Textile Corporation be given to the state government free of cost.
The government is reviewing a proposal by an expert group to lower the weightage to financial parameters of central public sector enterprises while fixing their overall annual targets.
Last week, Indiabulls Infratech, part of the Indiabulls group, bagged NTC's Bharath Mill land, spread over 8.3 acres, in Mumbai for Rs 1,505 crore (Rs 15.05 billion).
The Podar Mill, which went under the hammer today, is expected to get higher bids in the remaining two days of the e-auction.
The National Textiles Corporation (NTC) said it has done away with the system of inviting tenders for selling lands of its closed mills and adopted the 'e-auction' route, which is more transparent.
Following the success of the Rs 4,050-crore Wadala land deal in central Mumbai, at least three government agencies are planning to sell plots worth at least Rs 60 billion (Rs 6,000 crore) in the next two months.
This is based on Rs 100 crore (Rs 1 billion) per acre as reserve price fixed by the NTC for various properties.
A major fire has been reported at Gulmohar Mill situated on Dadasaheb Phalke Marg in the Dadar area of central Mumbai. At press time no serious casualty has been reported, nor has anyone been trapped in the fire, the Mumbai fire brigade said.
Third attempt to get more buyers, property market still quite depressed.
The National Textile Corporation (NTC) has earned Rs 4,034 crore through sale of assets as a part of its Modified Revival Scheme (MRS), which mainly includes land of closed mills, according to Union Minister for Textiles Dayanidhi Maran.
Some of the country's largest listed real estate developers - DLF, Prestige Estates, and Puravankara - are foraying into the Rs 50,000-crore residential property market of Mumbai, where home prices are among the highest in the world. All of them are set to launch residential projects in the financial capital of the country, where the market is dominated by players such as Runwal, Lodha, and Oberoi Realty, among others. Leading the race is Prestige, which has lined up 6 million square feet (msf) of new launches in the city across Mulund and Byculla in the third quarter of this financial year (2021-22).
According to sources close to the development, the ministry feels that the National Textile Corporation (NTC), which has put the land on sale, will get better prices than the bid put in by Lodha Developers. The company, which had initially placed a bid of Rs 657.90 crore (Rs 6.57 billion), later hiked it to Rs 710 crore (Rs 7.1 billion), following a request from NTC.
Equity investments in 82 public sector enterprises have been completely eroded due to accumulated losses, an audit of financial statements conducted by the Comptroller and Auditor General of India revealed.
National Textile Corporation has shortlisted three firms as advisors to revive 29 of its mills through private participation.
The government has decided to close 12 more mills of National Textile Corporation and invited initial bids from private players to partner the firm for modernising and reviving 18 other units.
The National Textile Corporation (NTC) has decided to sell around 40 acres of mill land in Mumbai, Bangalore, Ahmedabad and Udaipur.
Indiabulls Properties, the real estate arm of Indiabulls Financial Services, is planning to file an appeal in the Supreme Court against the Bombay High Court order setting aside the sale of land owned by National Textile Corporation in Mumbai.
The Supreme Court on Tuesday held that the sale of surplus lands by National Textile Corporation was legal.
In a major relief to National Textile Corporation and owners of closed private textile mills in Mumbai, the Supreme Court
In a significant development, the Bombay High court on Monday set aside the sale of 600 acre of surplus textile mill land by National Textile Corporation in prime locations.
The government has decided to modernise 15 of the 53 mills under the National Textiles Corporation at the cost of Rs 318.83 crore (Rs 3.18 billion).
The buyers, however, cannot go ahead with construction on the lands bought by them, the court said.
The auction by National Textile Corporation for the 4.8 acre Kohinoor Mill No 3 land in Dadar area has been won by city-based Kohinoor CTN for Rs 421 crore.
National Textiles Corporation's bonds issue to mop up around Rs 500 crore (5 billion) will hit the market next week.
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
The much-delayed insurance bill and the goods and services tax bill are among the 39 bills that are expected to come up during the month-long Winter Session of Parliament beginning next week.
The case pertains to the sale of NTC land in upmarket Worli area of Mumbai to a private Kolkata-based firm for a meagre Rs 29.35 crore when Vaghela was the minister for textiles
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
Prime Minister Narendra Modi on Sunday laid the foundation stone of a grand memorial to Babasaheb Ambedkar at the Indu Mills compound in the heart of Mumbai, a function boycotted by Shiv Sena after its chief Uddhav Thackeray was not invited.
Unfazed by the stalemate over the Sadhvi Niranjan Jyoti issue, government has lined up a heavy legislative agenda in Parliament this week including a bill seeking to replace coal blocks allocation ordinance.
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