NRC sells Kalyan land for Rs 150 crore

The real estate prices in Mumbai and its neighbouring areas are going through the roof. NRC Ltd (formerly National Rayon Corporation Ltd) has sold its 400 acre plot at Mohane village, just outside Kalyan, for Rs 150 crore.

According to market sources, the plot of land has been purchased by one of the companies of the Ashok Piramal Group, which is headed by his widow Urvi Piramal.

A senior politician from the area said, "NRC, a GP Goenka group company, has been going through a rough patch for quite some time had attempted to sell the land off last year too.

And it is believed that the company had almost finalised the deal with Mumbai-based relators Hiranandani. However, stiff resistance from workers' union, which was backed by some political parties, saw the buyers back out,"

The company management was able to convince workers' union that the sale of land would not hurt their interests as it had no intention of shutting down the plant.

Only the land where the workers housing colony and the hospital stood would be sold, proceeds of which would be used in the much-needed revival of the company.

However the new owner of the land have to deal with the two tricky questions. One: rehabilitation of the workers' families who are living in the workers colony. Two: resistance from the grampanchyats from whom NRC Ltd had acquired the land 31 years ago. These grampanchayats claim that while purchasing the land the company had given assurance to provide employment local youth.