Mumbai: The country’s largest public sector fertilizer manufacturer, Rashtriya Chemicals and Fertilizers Ltd, may develop part of the surplus land at its Mumbai manufacturing complex for official residence of public sector companies.
The project now awaits approval of the central government, which owns over 90% equity in the company.
The development will cover 50 to 100 acres of the unutilized area of the total 600 acres of land that the company owns. Currently the manufacturing complex houses fertilizer plants, captive power units and employees quarters.
“Under the new project, we will construct high rise buildings that will cater to relocation of our own employees from the old housing complex, where many of buildings are in bad shape now. Additionally, there will be separate residential complexes being built jointly with other public sector undertakings (PSUs) companies like Oil and Natural Gas Corporation, Oil majors such as Indian Oil Corporation Ltd, Baharat Petroleum Corporation Ltd, Gas Authority of India Ltd among others,” said RCF chairman and managing director U S Jha.
RCF’s decision follows rumours that private developers have been targeting its surplus land for their projects.
“We had initially planned to repair and improve existing employee quarters within the complex, but since it will also cost around Rs250 to 300 crore, it was decided to go for new construction,” explained Jha.
Jha highlighted that the total land at the site was originally allotted for manufacturing as well as employees residential purposes. “So, we cannot take any decision that will go against this original pact. We have already proposed key expansion plans in the existing line of manufacturing, and this will need the rest of the land that lies unutilized at present, “ he added.