The National Textile Corporation of India will update the equipment of 22 textile mills

by:JIYALI     2021-08-08
The National Textile Corporation of India (NTC) will update the plant and equipment of 22 textile factories in two stages, install first-class high-tech textile machines for them, and increase their annual production capacity.   The funds for updating the plant and equipment are entirely from the sale of the company’s assets. So far, NTC has sold approximately 284 billion rupees in assets. The National Textile Corporation of India is the largest textile central public sector under the Ministry of Textiles. It manages 52 textile factories through 9 branches across the country.   The holding company is headquartered in New Delhi. In 2004-05, the company's annual operating turnover was approximately Rs 6.38 billion.  NTC formed a company in 1968 with the main task of managing 16 troubled textile factories that were taken over by the government. According to the three nationalization laws (1974, 1986 and 1995), NTC increased the number of textile factories under its management to 119 in 1995.  According to the 2002 restoration arrangement, the Financial Reconstruction Committee (BIFR) and the Ministerial Group (GoM) approved the restoration of 53 viable textile factories and the closure of 66 non-viable textile factories. 65 non-viable textile mills have been closed under the ID law so far, and two textile mills (one viable and one non-viable) are located in Pondicherry State and have been transferred to the Pondicherry State government.  Among the 40 textile factories, the remaining 18 textile factories will update their plants and equipment through joint ventures. Private partners will eventually take over 5 of these textile factories.   In response to Shri Amir Alam Khan’s question, Minister of Textiles Shri E.V.K.S. Elangovan gave the above reply in written form. According to the details of the revised restoration arrangements, approved by the Industrial and Financial Reconstruction Committee (BIFR) and the Ministerial Group (GoM) in 2006, the Minister notified that out of all 52 textile factories, 12 textile factories were determined to continue to close, and these textile factories were completely closed. Without production behavior, most employees choose to accept the help provided by the modified automatic recovery arrangement. Among them, two textile mills have been closed. Therefore, the number of closed textile mills increased from 65 to 67.
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