Textile giant Raymond’s plans to develop its 125-acre land housing its factory in Thane, is expected to be delayed as the Maharashtra Government has declined to give it an NOC for the aim unless the company settles the compensation problem with its workers.
Hasan Mushrif, State’s Labour Minister said, “The company will have to take a No Objection Certificate from the Government to develop the plot. However, we have decided not to give permission to the company for its realty plans, unless the deadlock (with workers over compensation) is resolved. We don’t want the unit to shut down”.
The company has been discussing a compensation package with its workers for a long period. While the workers are not ready to budge from their demand of Rs 350-crore as compensation, the management is reluctant to pay more than Rs 200-crore.
The Union had asked Government to intervene in the matter.
With the deadlock, the company is unable to continue with its realty venture which is ready for a delay.
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