KSL buys Deccan Mill for Rs 41 cr in open auction

Mumbai-based KSL Industries has acquired Deccan Co-operative Spinning Mill (DCSM) for Rs 41.19 crore in open auction. The mill, which was closed for the last five years, was the first co-operative spinning mill in Asia established in 1962.

The mill was burdened with loans from IDBI and some other banks. Also, it had to pay dues to the tune of Rs 3 crore to to the Maharashtra Power Distribution Company.

The state government had expressed assurances in response to periodical demands by local residents and Congress party workers as the DCSM was the main centre of the Congress politics in the good old days. But the government failed to provide funds and revive the mill. Ultimately the mill had to be auctioned.

The production, under KSL Industries, would be started within a few months and jobless local workers would be considered for employment.

KSL's Spokesman Milind Mahatare has confirmed that the machinery were in good condition. Also, a report is submitted to the management in this regard along with the previous workers' demand for employment in new operations.