Home / Knowledge / News / Textiles / Over 100 Indian textile mills shutdown since 2009-10
Over 100 Indian textile mills shutdown since 2009-10
28
Feb '13
More than 100 cotton/man-made fibre textile mills have closed since 2009-10 in India, as per the data available with Textiles Commissioner. This was stated by Minister of Textiles, Mr. Anand Sharma, in a written reply in the Rajya Sabha, the Upper House of the Indian Parliament.
 
As per the data, the number of non-SSI (small scale industries) textile mills that shut down during 2009-10, 2010-11 and 2011-12 were 12, 44 and 35, respectively.
 
From April to December 2012, 13 textile mills have shutdown, 11 of which were owned by private entrepreneurs.
 
While seven of the textile mills closed since 2009-10 were owned by National Textile Corporation (NTC), five were under the state trading corporations, while the remaining were private mills.
 
The statement attributed financial problem as the main reason for closure of 104 textile mills during the period under discussion. However, some mills were also closed on account of labour problems and lock outs.
 
The Government of India has setup Board for Industrial & Financial reconstruction (BIFR) under Sick Industrial Companies (Special Provisions) Act with a view to arranging the timely detection of sick and potentially sick companies and for the speedy determination of preventive, ameliorative and remedial measures which need to be taken in respect of such units.
 
BIFR has decided on reliefs/concessions etc. to be given to units/companies on the revival packages. Out of 104 mills closed during 2009-10, 2010-11, 2011-12 and 2012-13 (April-December), 34 textile cases were registered with BIFR as on December 31, 2012. BIFR has declared one case as no longer sick and 11 cases were declared as sick.   
 
The Government has also approved a debt restructuring package to help loss making textile mills in the year 2012, to be administered on case by case basis by the banks within the prudential norms of the Reserve Bank of India, the Minister said.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Casper raises total funding of $240 million

Casper, the global sleep company launched three years ago has...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Paolo Ocleppo
Sandvik Hyperion

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

Marten Alkhagen
Swerea IVF AB

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Karan Arora
Karan Arora

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

Sonam & Paras Modi
SVA

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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