Birla says no dispute with Wadias

New Delhi: The 109th Annual General Body Meeting (AGM) of Century Textiles and Industries was scantily attended.

But that did not deter presiding Chairman Kumaramangalam Birla from clearing the air about the alleged spat over the mill's Mumbai land with the Wadia family.

Birla said there was no dispute with the Wadia family over ownership or use of the 30 acres of land.

"We have 30 acres of land where the textile mill is, of which 10 acres was leased from the Wadia's for 999 years and is renewable for another 999 years. 20 acres is free hold land and there is no extra land beyond that. There are no plans to sell the land and there is no dispute," said Century Textiles Chairman Kumaramangalam Birla.

"We have no plans to sell or develop the land as of now or in the foreseeable future," he further added.

But Birla added that a composite mill unit in Mumbai was becoming unviable and the mill would be downsized from 1200 looms to 500 looms. Employee strength would also be reduced from the current 7000 to 2000.