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

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Nitesh Mittal

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search