Home / Knowledge / News / Textiles / Indian govt prepares list of textile mills for loan recast
Indian govt prepares list of textile mills for loan recast
24
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

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Apparel/Garments | On 25th Mar 2017

Net sales at Christopher & Banks fall 10% in Q4

Net sales totalled $85.0 million for the fourth quarter ended January ...

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search