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Rehabilitation scheme for National Textile Corporation

Written by: Staff
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New Delhi, May 16 (UNI) The Board for Industrial and Financial Reconstruction (BIFR) has approved revival schemes for National Textile Corporation (NTC) in respect of its 8 subsidiary Corporations and the Government had approved a revival scheme for the 9th subsidiary corporation, thus covering all the 119 NTC mills.

Minister of State for Textiles E V K S Elangovan today informed the Lok Sabha in a written reply that out of 119 mills, 65 mills, identified as unviable in BIFR/GOI approved schemes, have been closed under ID Act and two mills located in Pondicherry have been transferred to the State Government.

Thus, NTC, currently has 52 potentially viable mills, he added.

The Schemes approved by BIFR are under implementation. While reviewing the implementation of earlier approved schemes in respect of balance 52 mills, the Government decided to modernise 22 mills at an estimated cost of Rs 530 crore by NTC itself through sale of surplus assets and 29 mills are available for revival through joint venture with private partnership.

Besides this, it has been decided to construct an India International Trade Tower on the land of one mill in Mumbai. NTC has already started modernisation of mills by placing orders for machinery, the Minister said.

UNI BBS JN VC1822

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