Financial Daily from THE HINDU group of publications
Wednesday, May 28, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 28, 2003 |
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Corporate
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Sick Units `NTC land sale likely to elicit good response' G. Gurumurthy
COIMBATORE, May 27 THE National Textile Corporation (NTC)'s holding company may have some cause to rejoice as its Tamil Nadu subsidiary could elicit quite a few good responses for the latter's surplus land sale proposal. The Tamil Nadu subsidiary of NTC, in its latest bidding, the third successive one in recent times, to dispose of about 42 acres of land and building involving six closed textile units, could receive as many as 10 bids from 8 parties. Although all the bids, except the ones received for one property, were quoted below the reserve price fixed by NTC for the properties put on sale, the NTC officials view the response from so many bidders as `encouraging'. The NTC sources said in respect of the land property belonging to the Pankaja Mills, a running unit in the city, the bid price quoted is found above the minimum reserve price fixed. The bids for the surplus lands/land and buildings of both the running and closed units called by the NTC's asset sale committee was opened before the NTC National Holding Company Chairman and Managing Director, Mr K.M. Chadha, on Monday which was attended among others by the acting NTC TN and Pondicherry Chairman and MD, Mr Ramesh Kumar, and Mr Natarajan, Director (Finance) of the TN subsidiary. The NTC officials told Business Line that while the bid received for the surplus land of Pankaja Mills would be placed before the Asset Sale Committee for a sale decision, regarding other bids falling short of the minimum reserve price quote, the bidders have been advised to improve their price quotes. NTC has allowed further time till June 6 for receiving the improved bids, the officials added. NTC has put on sale the surplus lands held by Coimbatore Sri Murugan Mills and Pankaja Mills (running units) and the land and buildings of four closed textile units - Om Parasakthi, Krishnaveni, Somasundara (all in city) and Balarama Varma Textile Mills in Shencottah and the land belonging to the Kothandarama textile mill in Madurai. It is said that in the case of Balarama Varma Textile Mills in which about 20 acres of land property would be offered for sale, no bids were received either for land or the building and the bids received was only for the machinery sale. The price quoted for this was below the reserve price fixed and hence the bidder was asked to reconsider the price quote.
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