4 more Mumbai mills to be sold

4 more Mumbai mills to be sold
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First Published: Sat, Feb 10 2007. 01 02 AM IST
Updated: Sat, Feb 10 2007. 01 02 AM IST
Mumbai: The state-run National Textile Corporation (NTC) will soon put four more mills in central Mumbai up for sale, freeing 40 acres to private developers in the 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 Rs2,000 crore by auctioning five mills in the first phase, after the Supreme Court lifted the last remaining 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 in Worli, in central Mumbai, 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, north of Worli.
“We are awaiting the final nod from the state government,” said O.P. Agarwal, the corporation’s managing director. “After that we invite tenders.”
The company had decided to sell its remaining mills in phases, he added.
The company 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 who did not wish to be named.
The sale of textile mills, which played a central role in Mumbai’s industrialization, remains a contentious issue.
The Supreme Court ruling freed up the bulk of 600 acres of mill land to private developers—land initially meant for public amenities and low-cost housing.
The ruling has transformed central Mumbai, with glitzy shopping malls and fancy apartment complexes sprouting up where sombre textile mills once stood.
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First Published: Sat, Feb 10 2007. 01 02 AM IST
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