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India : NTC to auction mills in Indore, Bangalore (October 18, 10)

India : NTC to auction mills in Indore, Bangalore

India's National Textiles Corp , which is selling its mill lands across the country, plans an online auction of 16.57 acre of surplus mill land in Indore from Oct 25 to Oct 27.

The reserve price for the surplus land at Indore's Malwa United Mills has been fixed at 600 million rupees, NTC said in a statement.

The firm will also put on the block 1.70 acres of its Minerva Mills in Bangalore from Nov 15-17, and the reserve price for this property has been fixed at 500 million rupees.

NTC had earlier sold two mills in Mumbai for a total of 19.8 billion rupees to Indiabulls Real Estate, paying more than double the asking price for the second auction.

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