• search

Rehabilitation scheme for National Textile Corporation

Written by: Staff

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.


For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more