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BTMC to set up textile city on plot of Chittaranjan Mills
15 Mar '13
1 min read
Bangladesh’s Cabinet Committee on Economic Affairs (CCEA) has delegated the Bangladesh Textile Mills Corporation (BTMC) with the task of establishing a textile city on the plot of Chittaranjan Cotton Mills.
The CCEA meeting, presided by Finance Minister AMA Muhith, rejected the proposal to sell the state-run Magura Textile Mills Limited and Rangamati Textile Mills Limited, Deputy Secretary of the Cabinet Division Joynal Abedin told media after the meeting.
The proposal contained suggestion to sell the two state-owned mills for around Tk 600 million, which is almost 50 percent of their total value. On the other hand, the Government needs to pay around Tk 1.74 billion to settle the outstanding dues.
CCEA also pulled back name of Monwar Jute Mills Ltd from the Privatisation Commission’s list, which suggested sell-out of the mill, Mr. Abedin said.
However, it accepted the proposal of placing it under the Ministry of the Textiles and Jute, he added.
Fibre2fashion News Desk - India
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