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Indian govt prepares list of textile mills for loan recast
Aug '12
An inter-ministerial group, consisting of officials from the textiles and finance ministries, the Planning Commission and representatives of the textile industry, has finalized a list of 310 ailing textile mills whose loans need restructuring.
“In the meeting, the list of the companies which are interested for restructuring their loans was decided,” Mr. DK Nair, Secretary General, Confederation of Indian Textile Industry (CITI), told fibre2fashion.
“We provided details of 310 mills, bank wise, to both the Ministry of Textiles and the Ministry of Finance. It is now up to the Finance Ministry to forward the details to the respective banks,” he reveals.
Explaining the process of arriving at the list of textile mills interested in getting their loans restructured, he says, “We had sent a circular to all the textile mills and whoever responded and showed the need for restructuring was short-listed. Whether they are eligible or not will be decided on a case-to-case basis by their respective banks.” 
“The loans amount to around Rs. 127 billion for these 310 mills,” he mentions.
The loan restructuring is part of a Rs. 350 billion three-year debt restructuring package announced by the Centre in May this year. The package was to be implemented from August 1, but has got delayed.

Fibre2fashion News Desk - India

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