KSL buys out Deccan Spg Mill for Rs 38 crore

KSL & Industries Ltd has acquired the Deccan Cooperative Spinning Mill which is one of largest spinning mills in western Maharashtra.

KSL acquired the spinning mill for Rs 38.20 crore. The Ichalkaranji-based mill was shut down in March 2000.

The Deccan mill was declared sick owing to debts by the cooperative department. Power supply to the mill was stopped by Maharashtra State Electricity Board (MSEB) in August 2002.

The suit of debt recovery is pending before Debt Recovery Tribunal (DRT) in Pune. DRT was informed by KSL's advocates that the company was interested in acquiring the mill.

The tribunal was also informed that KSL intends to restart the mills' operation. Sources said that the mill is expected to restart by March 2007.

The Deccan Mill is spread over 29 acre which includes the spinning space and office of Ichalkaranji market committee and workers' society. KSL has purchased the mill with its property.

The property also includes Jackwell Plant. KSL Industries has also agreed to settle the debt recovery suits of 1658 workers out of the 2044.