Confirming the development, a senior JCT official told The Financial Express that the company is pitching for a price of Rs 25 crore for the corporate office and Knight Frank has been asked to find a buyer.

The company's corporate office is situated at Navasari Chambers, Fort, a prime location in south Mumbai. The plan to sell the corporate office comes close on the heels of the company's efforts to close in on buyers for its textile and steel plants.

Company sources said that many parties have evinced keen interest in the textile plant and the recession in the textile sector is holding up the process. Sources, however, refused to identify the name of the buyer. The textile plant is located atGanganagar. The company has initiated talks with Tisco for its steel plant.

Although JCT has announced a series of recast measures after it parted ways with Indonesian major Polysindo, it has not been able to implement them due to delay in getting approval from institutions.

Institutions are yet to take a final decisions on the restructuring proposals submitted a few months ago. It is believed that the institutions have taken up the matter in a joint meeting held on October 8 but the company has not been informed about the outcome, JCT sources said.

This delay will hamper the company's prospects as it has been hit by the economic slowdown, sources said.

The recent attempts at restructuring comes after JCT's efforts to align with Polysindo fell through. If JCT could finalise the sale of plants and the corporate office, it will be in a position to fight the recession as its financial position will be far more better, industry sources said.