State-run National Textile Corporation (NTC) and Indiabulls have agreed to earmark one-third area of the total developable land of Bharat Textile Mills and Poddar Mill for the Brihanmumbai Municipal Corporation (BMC) and Maharashtra Housing & Area Development Authority (Mhada).
The state urban development department had asked BMC not to pass any plan on these plots till the latter and Mhada get their shares for playground, recreation ground and housing for mill workers. NTC’s tenders for these two mills were silent on earmarking land for BMC and Mhada.
Indiabulls Infratech, part of Indiabulls group, had bagged NTC’s Bharat Mills land, spread over 8.3 acres, in Mumbai for Rs 1,505 crore. In the last week of July, Indiabulls had won NTC’s Poddar Mill land (2.3 acres) in Mumbai for Rs 474 crore.
A state government official, who did not want to be quoted, told Business Standard that: “The government was quite firm on its move. However, NTC Chairman K Ramachandran Pillai and Indiabulls officials met the Urban Development Secretary TC Benjamin and assured that one-third of the developable land will be earmarked for recreational purposes and housing for mill workers. NTC also assured that such a provision will be incorporated in future tenders for the sale of other NTC mills.”
NTC officials said the company would comply with the provisions of Development Control Rules and necessary state government norms during the sale of NTC mills in future.
