DLF group buys Mumbai mill for Rs 702 cr

The DLF Group on Monday made its move on Mumbai with an uprecedented Rs 702-crore bid on a mill nearly twice the size of Ballard Estate.The ...

The DLF Group on Monday made its move on Mumbai with an uprecedented Rs 702-crore bid on a mill nearly twice the size of Ballard Estate.

The DLF group — through a subsidiary, Jwala Real Estate Developers — beat out 11 other bids to grab the sprawling 17.5-acre Mumbai Mill in Lower Parel.

The winning bid on the 7.5-acre Apollo Mills, Chinchpokli, the other one on sale on Monday, came from a company controlled by the BJP’s millionaire MLA from Malabar Hill, Mangal Prabhat Lodha.

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DLF hopes to develop Mumbai Mills into a futuristic retail-cum-entertainment centre. Today’s sale came a month after the owner of both the mills, the National Textile Corporation put them up for sale.

V.K. Tripathi, MD, NTC, said. ‘‘It was a transparent transaction and has fetched a good price.’’

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