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Meeting to frame Indian textile sector debt recast process
13
Jul '12
Representatives of the Indian banking and textiles sectors are meeting today to formulate textile sector debt restructuring proposals on a case-by-case basis.
 
The meeting has been convened by the Ministry of Textiles after the Reserve Bank of India (RBI) gave a green signal for a two-year moratorium on terms loans as well as conversion of working capital into working capital term loan (WCTL) for a three-five year period.
 
The apex bank, however, rejected a proposal to revamp debt of the textile industry, which was expecting a Rs. 350 billion package, saying it is not justified at this stage.
 
There are around 450 textile companies across India, which are seeking restructuring of their loans, which includes Rs. 20-25 billion of working capital loan and Rs. 70 billion of term loan.
 
Today’s meeting is likely to consider setting up a special window in banks for accepting applications from textile mills seeking debt recast. It would also discuss monitoring the process of rescheduling the loans as well as decide on a time-frame to complete the same.
 

Fibre2fashion News Desk - India

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