The Maharashtra State Textile Corporation Ltd (MSTC) has finally decided to sell off two prime properties of the beleaguered Empress Mills, here.
Empress Mills is one of the nine mills under the MSTC fold. Started by the Tatas under the name and title of Central India Spinning Weaving Manufacturing Company - The Empress Mills, it signalled the beginning of industrialisation in Vidarbha. The mill was a jewel in the crown for the Tatas themselves as it was their first industrial venture.
However, either due to mismanagement or unfavourable market conditions, the mill slipped into bad days. The Tatas finally closed it down in May 1986. The operations remained suspended for six months after which Empress Mills was taken over by MSTC on October 2, 1986.
If the market grapevine is to be believed, the sell-off may well put Rs 60 crore in MSTC