The National Textiles Corporation Ltd. (NTC) has adopted e-auction for sale of land of its closed mills. Complying the directions of textiles minister Dayanidhi Maran for selling their immovable properties only through e-auction, the NTC has already issued advertisements in the newspapers for the sale of land of Bharat Textile Mills and Poddar Textile Mills in Mumbai. NTC had been resorting to only tender process for selling their immovable properties.
The on-line forward auction will be conducted for four days with the applicable auto extension. Resorting to e-auction will add transparency to the entire sale process and is expected to put a full stop to all misgivings normally associated with the sale of properties. Sale of all the remaining properties of closed mills of NTC will also be auctioned only on line.
The NTC, a public sector undertaking under the textile ministry, is under the revival scheme of BIFR and has the mandate of raising funds through sale of land and building of the closed mills for the purpose of meeting costs of modernization of other working mills and paying salary of the employees.
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