Textile major Raymond's plans to enter the realty business by developing the 125-acre plot housing its plant in Thane are likely to get delayed, as the Maharashtra government has refused to give a NOC unless the company resolves a compensation dispute with its workers.
"The company will have to take a No-Objection Certificate from the government to develop the plot. However, we have decided not to give permission to the company for its realty plans unless the deadlock (with workers over compensation) is resolved. We don't want the unit to shut down," Labour Minister Hasan Mushrif told PTI here.
The company has been negotiating a compensation package with its workers for a long time. While the workers have stuck to their demand of R350 crore as compensation, the management has refused to pay more than R200 crore.