The National Textile Corporation has got for itself Rs. 1,505 crore more money due to the selling of an 8.39 acre plot which comes under its Bharat Textile Mills, situated at Worli in Mumbai. However, though, it is now closed.

Thus, the Union Textile Ministry’s plans to gather a minimum of Rs. 5,000 crore in the present financial year 2010-2011 has had a good initial start off with the sale of the extra land belonging to NTC.

In fact, a huge amount of Rs. 1,979 crore has been raised from the auction for only two pieces of surplus land.

The chief and most major point of the plan is that the properties of the real estate are being sold off via the new and modern method of e-auction.

The company Indiabulls Infra Estate has agreed upon the deal quoting a price of Rs. 1,505 crore.

NTC has to its account a sum total of 1,300 acres of extra land, spread in different parts of the country. A bulk of this surplus land is located in Mumbai.