Indiabulls Infratech bags NTC's Worli land for Rs 474 crore

NEW DELHI: Indiabulls Infratech has won the Worli land bid of National Textile Corporation in an electronic auction for Rs 474 crore, setting the stage for a series of online sale of land that is expected to rake up Rs 5,000 crore for the struggling state-owned textiles company.

"In a closed fight which lasted for three days, the bid was finally awarded at nearly Rs 500 crore, highlighting the appetite for prime land in Mumbai," said Mr K Ramachandran Pillai, chairman and managing director, NTC. According to Mr Pillai, the bidding had gone much "beyond expectations" and has thus made NTC hopeful of the August 4 bidding of Bharat Textile Mills. The 2.39-acre Poddar Mills had a reserve price of Rs 250 crore.

The bidding strated on July 29 and continued for three days. Mr Dayanidhi Maran started the e-auction on Thursday. At the close of the first day bidding, the highest quote was Rs 284.40 crore, about Rs 34.40 crore higher than the reserve price, and it further jumped to Rs316.15 crore on the second day.

The final day witnessed more aggressive bidding. According to GS Gill, director, NTC, "The 8.37-acre Bharat Textile Mill land in Worli with seven real estate majors in the fray and a reserve price of Rs 750 crore, will possibly fetch us much more."