Four mills get ?for sale? tag | india | Hindustan Times
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Four mills get ?for sale? tag

The sale of these mills in Worli and Parel will free up 40 acres for real estate development in Mumbai, Madhurima Nandy.

india Updated: Feb 12, 2007 18:12 IST

The state-run National Textile Corporation will soon put four more mills in Worli and Parel up for sale, freeing up 40 acres for real estate development in this land-starved city.
 
This area is twice that of the Oval Maidan and thrice that of Cooperage, both among the few remaining green spaces in the island city.

The textile company has already raised around Rs 2,000 crore from its first phase of sales, in which it had auctioned five mills after the Supreme Court lifted the legal impediment to the sale of Mumbai’s mill lands in March 2005.

Of the four mills to be sold in the second phase, the 18-acre Madhusudan Mill near Doordarshan in Worli is the corporation’s largest mill in Mumbai. The other three are Poddar Processors and Bharat Textile Mill, also in Worli, and Finlay Mill in Parel.

“We are awaiting the final nod from the state government,” said O.P. Agarwal, the corporation’s managing director told HT. “After that we invite tenders,” he said. He added that the company had decided to sell its remaining mills in phases.

The sale of textile mills, which played a central role in Mumbai’s industrialisation, remains a contentious issue because the 600 acres of mill land was initially meant for public amenities and low-cost housing.

The company last put a mill on the block two years ago, selling Kohinoor and Elphinstone mills. The state government took its time to clear the recent proposal, said a company official.

Email author: madhurima.nandy@hindustantimes.com