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Calico mill goes under the hammer
05 May '10
1 min read
The Ahmedabad Manufacturing & Calico Printing Mills Company Limited or 'Calico mill' for short was set up in 1880 in what was then known as the Manchester of the East; Ahmedabad. Following financial trouble, it passed in to liquidation in the late 80's.
After more than two decades, the land and machinery of the mill has been disposed off in a public auction for around Rs 2.7 billion, last week. The directive to auction the mill was given by the high court, to pay off all the outstanding dues of the mill.
Fibre2fashion spoke to Amthabhai Desai, veteran trade union leader, who said that, “The asking price in the auction was Rs 2.10 billion, but bids reached Rs 2.7 billion. However we are still not happy with the price and are planning to approach the court”.
Calico mill was one of the biggest textile mills in Ahmedabad, employing over 5,000 workers. It was the pioneer in manufacturing cotton sewing thread in India and later on also produced synthetic sewing threads.
After more than two decades, the land and machinery of the mill has been disposed off in a public auction for around Rs 2.7 billion, last week. The directive to auction the mill was given by the high court, to pay off all the outstanding dues of the mill.
Fibre2fashion spoke to Amthabhai Desai, veteran trade union leader, who said that, “The asking price in the auction was Rs 2.10 billion, but bids reached Rs 2.7 billion. However we are still not happy with the price and are planning to approach the court”.
Calico mill was one of the biggest textile mills in Ahmedabad, employing over 5,000 workers. It was the pioneer in manufacturing cotton sewing thread in India and later on also produced synthetic sewing threads.
Fibre2fashion News Desk - India
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