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Commission vouches privatization of loss making state-owned textile units
Aug '11
Thirty four government-owned companies which operate under the aegis of the Ministry of Textiles and Jute have accumulated huge losses over a period of time. Altogether the ministry manages 39 enterprises.

The cumulative loss of these 34 enterprises is around Tk 30.34 billion, with liabilities totaling to a massive Tk 43.05 billion. This was revealed in a report tabled by the Privatization Commission chaired by Mr Mirza Jalil.

Revealing details to fibre2fashion, Mr Jalil said, “It is a matter of details. Since the time they were set up, they have not been working as per expectations. So, we will provide them support, so that they can run it very well.

“Secondly, there are 39 state-owned enterprises under the Ministry of Jute and Textiles. We did an economic survey to know the economic, running, business, financial, investment and labour employment status, etc, in order to get a first-hand impression of the condition of these enterprises.

“We have suggested the ministry to sell and privatize these enterprises, for which a discussion is underway with the ministry and we hope to sort out the matter at the earliest. We have also sent this report to the honorable Prime Minister, Finance Minister, Industry Minster and the Jute and Textile Minister, in order that, they may take the right decision.

“Secondly after liberation in 1975, there were industries which belonged to people from Pakistan. After they left, they were handed over to government corporations and individual people to run it.

“However now, there are a number of industries which nobody is looking after. The Commission is gathering data on their current status in order that we may get them started in which ever way possible”, he concluded by saying.

Fibre2fashion News Desk - India

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