International BusinessNTC in talks with NBCC for sale of surplus land
The National Textile Corporation (NTC) has begun talks with the National Buildings Construction Corporation (NBCC) and others for sale of its surplus land in four cities that is expected to fetch the state-owned firm Rs 5,000 crore.
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"We are trying to sell off the surplus land to agencies like NBCC. We have had a dialogue with them," NTC Chairman and Managing Director K Ramchandran Pillai told PTI.
NTC has surplus 230 acres of land in prime locations in Bangalore, Mumbai, Kanpur and Coimbatore, Pillai said, adding the company is expected to realise about Rs 5,000 crore from the land sale.
As of now, NTC has already garnered Rs 4,034 crore by selling its assets.
"The real estate market is booming now," Pillai said. He said the company would not sell its land if it did not get a good price.
In fact, it deferred the land sale in Mumbai expecting an increase in real estate prices.
NTC, which has given voluntary separation to 60,771 employees, has drawn an ambitious corporate plan to reach a turnover of Rs 2,014 crore by 2014.
The firm, engaged in manufacturing and selling of fabrics in cotton, blended and woolen yarn, has roped in global consultancy firm KPMG for helping it reorganise its financial structure and induction of technology.