NTC promises BMC, Mhada one-third of mill land

MUMBAI: The state had issued a notice to the BMC stating that no development on Podar Mills and Bharat Mills can be allowed till the National Textile Corporation (NTC) gives a third of the open space to Mhada and BMC. Following this, the NTC has promised to give land immediately to Mhada and BMC.

According to the formula worked out by the state, each mill owner has to surrender one-third of the open space to Mhada for housing mill workers and another third of the open space to the BMC for setting up gardens.

About three weeks ago, the two mills were bought by Indiabulls. NTC sold its 8.3-acrejj Bharat Textile Mill in Worli to Indiabulls Infra Estate Limited for Rs 1,505 crore. The amount is double the reserve price of Rs 750 crore set by NTC, while Podar Mills was bought for Rs 474 crore, at almost double the reserve price of Rs 250 crore.