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NTC devises new bidding scheme

0 Comments | DNA : Daily News & Analysis; Mumbai, Jul 23, 2010 | by Mehta, Rajshri

Realising the high market value its land commands in the city, the National Textile Corporation (NTC) has devised a unique scheme that gives bidders ample opportunity to outbid each other in the first online auction of its two closed mills; Poddar and Bharat at Lower Parel.

The first mill to be auctioned would be Poddar. When the bid opens at 10 am on July 29, the short-listed developers will get three days to revise their bid amounts. As the 5pm deadline nears on July 31, the bid would be extended by 10 minutes if a bid is received at the last minute. Any bidder giving a counter bid, however, can revise his bid with a maximum instalment of Rs2 crore in the ten minutes each the bid timing is extended. NTC has kept a reserve price of Rs250 crore for the mill
three minute auctions

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