Mumbai set to tower over Indian skies

NEW DELHI: The textile ministry and the National Textile Corporation (NTC) are planning to construct a 70-storeyed building in Mumbai that could turn out to be India’s tallest trade tower, looming large over the financial capital’s skyline.

To be called India International Trade Tower, the Rs 700-crore tower would be built on land owned by NTC’s India United Mill. The tower would provide showroom and office space to textiles, diamond, gem and jewellery industries. “We are planning to construct this tower as a self-sufficient business centre.

Apart from being a platform to industries, it will also have facilities such as five star hotel, water sports and convention centres,“ textile ministry officials told ET. The Board for Industrial and Financial Reconstruction (BIFR), which is looking at the revival plan for NTC’s nine subsidiaries, has given its nod for construction of the tower.

The textile ministry is now seeking approval for the project from a group of ministers (GoM). The ministry expects green signal from the GoM next month. “The tower will boost trade of finished textile and other products from India. By bringing together various domestic and international producers, it will provide them a common platform to perform better.

It may be instrumental in increasing domestic consumption of textile products,” said officials. The proposed tower would also help in boosting India’s textile exports, officials feel. Funds for the project will come from the Rs 2,020 crore NTC has raised through sale of land last year.

BIFR has permitted the textile ministry to use these funds only after modernising its sick mills, repaying loans and providing for a Voluntary Retirement Scheme for its employees.

The government would also use this kitty to modernise 22 mills under NTC at an estimated cost of Rs 530 crore and revive 29 mills through joint ventures with private companies.