Tamil Nadu   

NTC sells mills' surplus land

M. Soundariya Preetha

This is part of revival package rolled out by the NTC

COIMBATORE: The National Textile Corporation (Tamil Nadu and Pondicherry) recently sold about 30 acres of surplus land of a couple of its mills in the State.

According to an official of the Corporation here, about 10 acres of Pankaja Mill in Coimbatore city were sold for nearly Rs. 50 crore. Another 20 acres and the building of a unit in Madurai have also been sold.

This is part of the revival package rolled out by the NTC in 2002.

The Corporation hopes to realise over Rs. 300 crore from sale of machinery, building and surplus land of some of the mills in the State to revive and modernise six units. Of this, it has already got Rs. 110 crore and the balance will come from sale of the other surplus land. The amount realised through the sale of land, machinery and building earlier was about Rs. 60 crore.

Modernisation

Modernisation is already going on at all the six units slated for revival. Orders have been placed for new machinery and the supply (from both domestic and foreign manufacturers) is expected next month, the official said.

The other lands earmarked for sale are: Coimbatore Spinning and Weaving Mills (20 acres), Kaleeshwara A Mill (11 acres) and Somasundara Mills (10 acres). The official says with the current market trend on the real estate front and sale of the remaining surplus land here (about 40 acres from the three mills) the corporation may realise more than it envisaged.

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