May '12
In a statement issued here Shri S.V. Arumugam, Chairman, CITI stated that in a meeting with the Finance Minister, Textiles Minister obtained clearance for restructuring of debt worth Rs. 35,000 crore to this industry in view of the huge losses suffered by the industry and the crisis being faced by it.
Textiles Minister has also confirmed that Finance Ministry would recommend to RBI for a special dispensation in the NPA norms to avoid asset reclassification in allowing a two year moratorium on term loan to the textile industry.
CITI's proposal for converting eroded working capital into Working Capital Term Loan (WCTL) repayable in 3 – 5 years had also been taken up by the Textiles Minister and the Finance Ministry would be recommending this proposal to RBI.
Shri S.V. Arumugam stated that it was the persistent efforts of the Minister for Commerce, Industry & Textiles and the officials of the Textiles Ministry that resulted in clearance of these proposals by the Finance Minister.
While thanking the Textiles Minister for getting the entire debt restructuring proposals of CITI by Finance Minister, Shri Arumugam hoped that RBI would issue necessary instructions to the banks as early as possible.
Confederation of Indian Textile Industry (CITI)
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