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NTC plans to sell 4 more mills

13
Feb '07
National Textile Corporation (NTC) plans to put up for sale four mills in Worli and Parel to free up 40 acres of land for real estate development in Mumbai.

The four mills in question are, the 18-acre Madhusudan Mill, Poddar Processors and Bharat Textile Mill in Worli and Finlay Mill in Parel.

Earlier, the textile company had raised around Rs2,000 crore in the first phase by auctioning five mills, after Supreme Court lifted obstruction last year, with regard to sale of Mumbai's mill lands.

NTC plans to sell its remaining mills in phases. It will float tenders for sale of four mills after getting approval from state Government, said O P Agarwal, Managing Director, NTC.

The sale of 600 acres of mill land which was initially meant for public amenities and low-cost housing, is an unresolved issue.






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