At the 109th Annual General Body Meeting (AGM) of Century Textiles and Industries Kumaramangalam Birla presiding Chairman stated they have 30 acres of land where the textile mill is located.
Birla said there was no dispute with the Wadia family over ownership or use of the 30 acres of land of which 10 acres was leased from the Wadia's for 999 years and remaining 20 acres is free hold land and there are no plans to sell or develop the same.
He added that a composite mill unit in Mumbai was becoming unviable and the mill would be downsized from 1200 looms to 500 looms affecting its employee strength to be reduced from 7000 to 2000.
marketing@alchempro.com
