Coimbatore, March 8
The Supreme Court upholding the legality of the National Textile Corporation's (NTC) surplus land sale has finally cleared the decks for the corporation's future land sales as well as its mill revamp programmes which rests entirely on the sale of its assets.
"It's a good day for us and our entire scheme of sale of lands and modernisation of viable mills will get a big boost. The verdict has also ended the last one year's ordeals of the legal battle we had to undertake," said Mr Ramachandran Pillai, Chairman and Managing Director of the NTC.
Mr Pillai said the Supreme Court ruling has also upheld the Maharashtra Government's 2001 amendment to the Land Development Act providing for one-third of the vacant land for development. "With the court verdict, NTC will be able to move forward to sell the lands held under 18 other textile mills in Mumbai," Mr Pillai added.
NTC has taken up modernising 53 viable textile units under its fold after deciding to close down the 66 unviable units. The lands owned by these unviable plants are being sold through tendering process.