NTC to give some,take some

Both mills were private originally,then declared sick units and nationalised under the Sick Textile Undertaking (Nationalisation) Act,1974. “The two were among the many where private owners had staked their claim to the property. Recently the NTC decided to hand over a portion to the two owners in return for complete ownership (of the rest) to the NTC,” said an official.

He said at Madhusudan Mills,following a court directive,35 per cent of the land was handed over to the owner while the NTC has retained the rest. For Kohinoor 1 & 2,it was a mutual settlement between the two parties.

The two mills are among the nine the NTC plans to put up in a second round of auctions,targeting Rs 5,000 crore,following the Rs 2,000-crore earned for 50 acres in 2005. This time,the NTC will auction,in phases,a total 90 acres at Kohinoor 1 & 2,Madhusudan,Bharat Textiles,Podar Process,India United Mill 4,India United Mills 6,Jam,Sitaram and Digvijay Mills.

At Madhusudan Mills,Kamlesh Mehta of Gowani Builders has been allowed to develop 27,500 sq m of the 80,785-sq-m plot. The developer has already given the BMC a proposal for building an IT park,a residential complex,service apartments and a hotel.

At Kohinoor 1 & 2,the original owner has proposed an IT park while a subdivision of the plot is pending before the BMC. Once approved,the owner will get to build on 12,000 sq m of the 80,000-sq-m plot.