Nine NTC mill plots under the hammer

The NTC,with 25 mills in the city,had sold five plots at Rs 2,200 crore during the height of the property boom in 2005-2006.

However,in December 2008,when bids were opened for the 10.3-acre Finlay Mill,the NTC found the quotations less than half the reserve price of Rs 1,065 crore. Three attempts failed to find buyers and the mill will be put on auction again.

Pillai was at a function to inaugurate three mills newly modernised at Rs 148 crore: Tata Mills,Podar Mills and India United Mill No 5.

Pillai said that no more will be modernised in Mumbai and no permanent employee hired for the modernised sections; 5,000 workers will be taken on contract.

As part of the Development Control rules allowing mill owners to redevelop or sell their land on the condition that they will hand over a third of the open premises to the authorities for recreation,four mills are in joint ventures with private companies and three mills have been given to MHADA and BMC. A decision on one mill is pending,Pillai said.

NTC expects to raise Rs 4,000 crore from the sale of assets in Mumbai,Kanpur and Indore. Union Textile Minister Dayanidhi Maran said the assets include land on closed mills and the sale was important for the NTC’s modernisation plans.

Bharatmata survives
The 74-year-old Bharatmata Theatre,a key centre of Marathi cinema,will remain at its current location inside the United India Mill No 1,Parel. “The theatre will continue to run as it is. All legal problems will be worked out later,” said Maran,an avid Tamil film buff.

The NTC,along with Bhaskar Industries Limited which has 49 per cent stake in the land,had issued an eviction notice.

Maran’s announcement came after a visit to the theatre with state Ministers. He agreed it is of great emotional value to Maharashtrians. “I understand these emotions as my leader was a great scriptwriter and many Tamilian politicians have been actors or associated with the film industry. I am a Tamilian and very proud of our language as are Maharashtrians of Marathi.”

On the block
* Kohinoor Mills 1 & 2,Dadar
* Bharat Textiles,Dadar
* Podar Process,Worli
* India United Mill 4,Kalachowkie
* Jam Mills,Lalbaug
* Sitaram Mills,Chinchpokli
* India United Mills 6,Dadar
* Madhusudan Mills,Worli
* Digvijay Mills,Lalbaug