<p>NTC, which has become a profitable government-owned company, would launch its e-auction in less than a month for the land located in the prime area of the country's silicon valley.<br /><br />"The reserve price has been fixed at Rs 300 crore for the Bangalore land," NTC Chairman and Managing Director K Ramachandran Pillai told PTI.<br /><br />The land has been made disposable because the NTC-owned Minerva Mills has become defunct.<br /><br />Indiabulls InfraEstate had bagged NTC's 8.3 acres of Bharat Textile Mills land in the Worli area of Mumbai for a whopping Rs 1,505 crore.<br /><br />It also won the company's 2.3-acre Poddar Mill land for Rs 474 crore, paying almost double the reserve price of Rs 250 crore.<br /><br />NTC has been using funds from the land sale for modernisation and diversification of mills.<br />The company has launched its ambitious Rs 9,102-crore revival package for 24 mills. It has spent about Rs 900 crore and completed the modernisation of 18 mills.<br /><br />After the sale of Mumbai land, the company has revised its mop-up target for this financial year to Rs 8,000 crore against Rs 5,000 crore.<br /><br />The company has about 1,300 acres of land in various places like Mumbai, Bangalore, Indore, Karnataka and Coimbatore.</p>
<p>NTC, which has become a profitable government-owned company, would launch its e-auction in less than a month for the land located in the prime area of the country's silicon valley.<br /><br />"The reserve price has been fixed at Rs 300 crore for the Bangalore land," NTC Chairman and Managing Director K Ramachandran Pillai told PTI.<br /><br />The land has been made disposable because the NTC-owned Minerva Mills has become defunct.<br /><br />Indiabulls InfraEstate had bagged NTC's 8.3 acres of Bharat Textile Mills land in the Worli area of Mumbai for a whopping Rs 1,505 crore.<br /><br />It also won the company's 2.3-acre Poddar Mill land for Rs 474 crore, paying almost double the reserve price of Rs 250 crore.<br /><br />NTC has been using funds from the land sale for modernisation and diversification of mills.<br />The company has launched its ambitious Rs 9,102-crore revival package for 24 mills. It has spent about Rs 900 crore and completed the modernisation of 18 mills.<br /><br />After the sale of Mumbai land, the company has revised its mop-up target for this financial year to Rs 8,000 crore against Rs 5,000 crore.<br /><br />The company has about 1,300 acres of land in various places like Mumbai, Bangalore, Indore, Karnataka and Coimbatore.</p>