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Mar 2, 2009

NTC Going To Sell Surplus Land

The government has allowed 10 sick public sector units to sell their surplus land for raising resources to turnaround their balance sheets. The Board of Reconstruction of the Public Sector Enterprises has recommended the revival of 25 sick units of which 10 units have been allowed to sell their surplus land. "This money will be used for the revival and modernisation of the PSUs," BRPSE Chairman Nitish Sengupta said. He said instead of budgetary support, the option of land sale can be considered in some cases for revival of the units.

Elgin Mills in Kanpur, Kolkata-based National Jute Mills, National Textiles Corp and HMT, are among those which have been permitted to sell their surplus lands. The National Textiles Corporation (NTC) has a surplus land of 12 acres in prime locality of Mumbai. Besides, the company also has 100 acres of surplus land in Kanpur, 50 acres in Indore and 10 acres in Coimbatore. Andrew Yule & Co Ltd, HMT (Bearings) Ltd, Heavy Engineering Corp Ltd, Braithwaite & Co Ltd, National Instruments Ltd and Instrumentation Ltd, are among the PSUs waiting for revival.

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