Poddar Mills e-sale begins with a bang

Online auction for the 2.39-acre Poddar Mills at Worli got off to a flying note on Thursday with bids soaring past the reserve price of Rs250 crore fixed by the National Textile Corporation (NTC). With eight bidders participating in the process over three days, the bids had touched Rs285 crore by Thursday night.

NTC is expected to make hefty profits through this bidding process so that the money can be used for the implementation of its revival scheme. NTC has drawn up a roadmap to generate Rs5,000 crore during the current financial year by selling its properties in the city and a few small properties in Indore, Kanpur, Bangalore and Coimbatore.