aditya

The National Textile Corporation (NTC) has decided to redevelop and modernise four of its mill properties in central Mumbai adding up to 100 acres. The four mills —India United Mill No1, Apollo Textile Mills, Gold Mohur Mills and New City Textile Mills — will be redeveloped in joint ventures with real estate developers and textile corporate houses.

NTC has invited expressions of interest (EoI) for its proposed JVs with private players. It is learnt that many leading corporates in real estate and textile sectors are competing for these projects.

“We have identified 16 mills in various parts of India for joint venture development with private sector players. Out of the 16 mills, four are in central Mumbai. We are getting expressions of interest from various players,” a senior NTC official.

NTC plans to modernise these textile mills, as well as redevelop their excess land for real estate purposes. NTC will offload 49% of its equity to the selected developer or a consortium of corporates. NTC will hold 51% stake in each of these projects.

NTC sources said that real estate firms like Indiabulls Real Estates, Nitco Corporation, Alok Industries, Abhishek Industries, Alps Industries, Falcon Tyres and Liners India have submitted EoIs.

NTC officials said that the corporation hopes to get clearance soon for the sale of another 93 acres of surplus mill land in Mumbai, spread across five other mills such as Podar Process Mill, Bharat Mills, Kohinoor Mill, Tata Mill (part land only), India United Mill No 1 (part land only), Finley Mill (part land only), Digvijay Mills Jam Manufacturing Mill, and Sri Madhusudhan Mill. The corporation has sent sale proposals of these mills to the state government and the Municipal Corporation of Greater Mumbai (MCGM) for final clearance.

Source: The Economic Times