Home / Knowledge / News / Textiles / CITI forwards debt recast cases to Textiles Ministry
CITI forwards debt recast cases to Textiles Ministry
25
Jul '12
The Confederation of Indian Textile Industry (CITI) has forwarded applications for debt restructuring of 300 textile units to the Ministry of Textiles.
 
The debt of these 300 textile mills, that include spinning, weaving and processing units from all over the country, is approximately around Rs. 120 billion.
 
The step by CITI was in response to the Reserve Bank of India’s direction earlier this month asking all banks to consider debt restructuring of the Indian textile industry on a case-by-case basis.
 
The apex bank had advised the banks to open special windows for textile debt restructuring between August 1 and October 30, 2012.
 
“We have sent cases of 300 units that are seeking debt recast to the Ministry of Textiles. They will send the bank-wise list to Finance Ministry for allowing debt restructuring for these units,” Mr. DK Nair, Secretary General, CITI informed fibre2fashion.
 
“The debt restructuring will cover a two-year moratorium on repayment of principal amounts of term loans and conversion of eroded working capital into working capital term loans (WCTL),” he adds.
 
“The expectation is that the list would be forwarded by the Textiles Ministry to the Finance Ministry, which will then send the list to the respective banks for implementation of the restructuring package,” he says.
 
The debt restructuring is expected to provide sufficient liquidity to the textile industry and help it better meet export orders, in view of the US market beginning to show signs of revival.
 

Fibre2fashion News Desk - India


Must ReadView All

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

India’s GDP expected to grow by 7.7% in Q1 2018: Report

Textiles | On 21st May 2018

India’s GDP expected to grow by 7.7% in Q1 2018: Report

India’s gross domestic product (GDP) is expected to grow at the rate...

Courtesy: OmniBloq

Textiles | On 21st May 2018

Bolger & O’Hearn to display OmniBloq DWR at Techtextil

Bolger & O’Hearn, a leading specialty chemical company, will showcase ...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sonam & Paras Modi
SVA

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search