Home / Knowledge / News / Textiles / 40 sick spinning mills in Karnataka down shutters
40 sick spinning mills in Karnataka down shutters
09
Dec '11
All in all 40 spinning units in Karnataka including 37 private sector units have been closed down after turning sick.

The Karnataka State assembly was informed regarding this closure by State Minister for Textiles Varthur Prakash who informed that after 40 mills ceased operations due to financial constraints, now there are 66 mills functional in the state which includes 11 in the cooperative sector.

Apprising about the steps initiated by the state government to improve the financial condition of the spinning units functioning in the cooperative sector, the Minister said that National Cotton Development Corporation (NCDC) extended financial aid to these mills, and added that the Hulakoti based Gadag Cooperative Spinning Mill was provided a sum of Rs. 73.6 million to make it economically viable.

Mr Prakash further informed that the government also allocated Rs. 135 million for revitalization of the Banahatti based Banahatti Co-operative Spinning Mills.

The Department of Textiles has been directed to disburse Rs. 117 million in form of term loans and Rs. 13.5 million by way of share capital assistance to the said mills, and the Department has already released Rs. 94.4 million of the said sum.

The state government has also directed the Education Department to buy fabrics for producing school uniforms for students from economically backward sections from the Handloom Development Corporation.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Christian Dior

Fashion | On 25th Apr 2017

LVMH to acquire Christian Dior Couture for €6.5bn

LVMH and Christian Dior, which holds directly and indirectly 41 per...

Information Technology | On 25th Apr 2017

Self-repairing fabrics to be the future of fashion

It is the era of smart. Intelligent materials like self-repairing...

Textiles | On 25th Apr 2017

Indonesia revitalising textile sector

With exports of textile and textile products rising in Indonesia, the ...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search