Final bid at Rs 145 crore for New Manek Chowk Mills land

NTC today said it has garnered Rs 145 crore from sale of land belonging to its two mills in Gujarat, after three days of intense bidding process.

The total area sold through e-auctions was 94,262 square metre, the company said in a statement.

Ahmedabad Advance Mills bagged the company’s New Manekchowk Textile Mills 33,222 square metres plot for Rs 118.40 crore against the reserve price of Rs 41.27 crore, it added.

While Lok Prakashan Ltd grabbed the 61,040 square metres of land belonging to the closed Mahalaxmi Textile Mills at Bhavnagar for 27.53 crore against the reserve price of Rs 27.47 crore.

The auction for the New Manekchowk Textile Mills plot also includes a bungalow on 400 square metre.

“We were expecting a good response and prices. What we got are the best for the two properties. NTC has set the trend and has its strategies clearly defined and we are working as per the plan,” NTC Chairman and Managing Director K Ramachandran Pillai said.

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