Home / Knowledge / News / Textiles / Govt to divest stake in state-owned jute mills
Govt to divest stake in state-owned jute mills
Jul '11
Following the Finance Minister's approval, the Bangladesh Government is to soon divest at least 49 percent share in each of all the 26 state-run jute mills.

As per the provisions laid down by the Government, the process of offloading in the capital market must be concluded within a year. Presently, these mills are run by Bangladesh Jute Mills Corporation (BJMC).

As a part of its focus on improving working of these mills and to make them economically sound, the Government had appointed a Committee led by the Finance Secretary to carry out a comprehensive study of the condition of the jute mills.

The five-point recommendations tabled by the Committee included a suggestion of divesting 49 percent stake in each of the state-owned jute mills.

The Government has also resolved to convert BJMC into a 'holding company', in order to save these mills from incurring monetary losses.

Post-Independence, the Bangladesh Government nationalized 79 jute mills, but 52 of these mills were later sold out to private companies.

Official figures since nationalization up to June 30, 2009 reveal that the state-owned mills operating under the BJMC have jointly incurred losses to the tune of Tk 48.21 billion.

Fibre2fashion News Desk - India

Must ReadView All

Global cotton consumption to reach record in 2018-19: USDA

Textiles | On 24th May 2018

Global cotton consumption to reach record in 2018-19: USDA

In China, cotton consumption is forecast to expand 4 per cent and...

Courtesy: ZDHC

Textiles | On 24th May 2018

Birla Cellulose, Isko, Lenzing join ZDHC programme

Birla Cellulose, Isko and Lenzing have joined ZDHC Roadmap to Zero...

50 mn Indian internet users buy products online: Report

Apparel/Garments | On 24th May 2018

50 mn Indian internet users buy products online: Report

India has an online population of 500 million but only 50 million...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Rajiv Sirohi

‘Portugal is taking away a major share of the mill made sector.’

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Amiben Shroff

From its modest beginning in the late 1960s, Shrujan has grown into a...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search