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 already initiated talks with Tisco for its steel plant.

Though JCT has announced a series of recast measures after it parted ways with the Indonesian major Polysindo, it has not been able to implement its due to delay in 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 the joint meeting held on October 8 but the company has not been informed about the outcome, JCT sources said.

The delay in the decision will hamper the prospects of the company as it has been hit by economic slowdown, sources said.The recent attempts at restructuring comes after the company's efforts to align with the Indonesia major Polysindo fell through.