NTC to revive its 40 closed units

Kanpur, Feb 9: The National Textile Corporation (NTC) today revealed its plan of reviving the corporation's 40 closed textile mills in different parts of the country.

Inaugurating the two-day seminar on 'Futuristic Textiles' organised by the Institution of Engineers (India), Kanpur branch, NTC Chairman and Managing Director K Ramchandran Pillai said the corporation was having 119 textile mills in the country and out of them 40 textile mills will be revived in different phases.

''22 textile mills were being directly run by the NTC, while the remaining 18 were being run under the Joint Venture of private and public sector,'' Mr Pillai informed.

As many as Rs 530 crores will be spent on modernisation of the corporation's mills in the country, the NTC chairman said, adding it has decided to collect funds for some of the sick units by selling the unwanted properties.

Highlighting various problems being faced by the textile industries, which include power, better yarns and qualified staff, Mr Pillai also expressed his concern over high bank interet rates.

Speaking on the ocassion, Mr K K Agarwal, a leading industrialist, said fall of value in dollars was also affecting the textile industry.

He, however, expressed confidence on the bright future of the textile industry.

Mr Anurag Srivastava, Joint Director of Defence Materials and Stores Research and Development Establishment (DMSRDE), Kanpur, gave his key note address in the seminar.

UNI