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Tirupur textile producers seek loan restructuring
09 Dec '11
1 min read
Textile manufacturers of the Tirupur town in the south Indian State of Tamil Nadu have urged the Union Government for restructuring of their loans amounting to Rs. 20 billion.
The loss incurred by the town's textile producers during the current fiscal is estimated to be around Rs. 35 billion, mainly owing to the increased cost of manufacturing due to the closure of dyeing units.
Several dyeing units in the textile town had to shutdown following an order of Madras High Court earlier this year. The Court had directed the closure of dyeing units stating that the effluents from the factories are causing irreversible damage to the Noyyal River.
Mr. A Sakthivel, President of Tirupur Exporters' Association (TEA) told fibre2fashion, “Looking at the present scenario, we have requested the Government for a one year window for the repayment of existing loans. The Ministry of Textiles is going to forward our request to the Ministry of Finance and we hope they will come up with a solution.”
The loss incurred by the town's textile producers during the current fiscal is estimated to be around Rs. 35 billion, mainly owing to the increased cost of manufacturing due to the closure of dyeing units.
Several dyeing units in the textile town had to shutdown following an order of Madras High Court earlier this year. The Court had directed the closure of dyeing units stating that the effluents from the factories are causing irreversible damage to the Noyyal River.
Mr. A Sakthivel, President of Tirupur Exporters' Association (TEA) told fibre2fashion, “Looking at the present scenario, we have requested the Government for a one year window for the repayment of existing loans. The Ministry of Textiles is going to forward our request to the Ministry of Finance and we hope they will come up with a solution.”
Fibre2fashion News Desk - India
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