Textiles Minister, Santosh Kumar Gangwar, has launched the first e-auction yarn of National Textile Corporation (NTC) as part of its effort for greater transparency, efficiency and better price. Initially, three mills of NTC, namely, Vijamohini Mill, Kerala Lakshmi Mill and Rajnagar mill have been selected for selling of its produce through e-auction.
Anu Garg, joint secretary, textiles; P C Vaish, chairman and managing director, NTC Ltd; N. Muralidaran, managing director & CEO, NSEiT and other senior officials were present on the occasion at Gangwar office chamber yesterday.
The decision to adopt e-auctions has been taken in order to give maximum opportunity to dealers for lifting of NTC stock and thereby reduce inventory and improve cash flow. The transparent electronic bidding process is also expected to result in better price discovery of the yarn stock.
Currently, yarn is sold through dealers, registered mill-wise with NTC as per due procedure. Prices are fixed every Wednesday and the yarn is sold to dealers on the YPC rates for the entire week (unless there is a mid-week change).
The e-auction route has been made open for all registered dealers of NTC. Each dealer has been provided a unique ID and password, and trained by way of mock e-auctions and practice sessions.