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Twenty two mills to be modernized by NTC
28
Feb '08
Twenty two mills will be modernized by National Textiles Corporation (NTC) itself by inducting new machineries, rationalization of manpower, capital restructuring etc.

Out of forty mills, remaining 18 mills will be modernized through Joint Venture route. Private partners to run 5 of these mills have been finalized.

This was stated by the Minister of State for Textiles, Shri E.V.K.S. Elangovan, in the Rajya Sabha, in a written reply to a question by Shri Amir Alam Khan.

Giving further details of the Modified Rehabilitation Scheme, 2006 approved by BIFR and Group of Ministers (GOM), the Minister informed the House that out of the total 52 mills, 12 mills have been identified for further closure where there was no production activity and most of the employees opted for benefits of Modified Voluntary Retirement Scheme (MVRS). Out of these, 2 mills have been closed, raising the number of closed mills from 65 to 67.

National Textiles Corporation (NTC) was incorporated in 1968 with the main objective of managing the affairs of 16 sick textile mills taken over by the Government.

NTC took over more sick textile mills under 3 Nationalization Acts. (1974, 1986 & 1995), raising its number upto 119 mills in 1995.

As per the Rehabilitation Scheme, 2002, the Board for Industrial and Financial Reconstruction (BIFR) approved revival of 53 viable mills and closure of 66 unviable mills.

65 unviable mills were closed under theAct. 2 Mills (one viable and one unviable) located in the Union Territory of Puducherry have been transferred to the Government of Puducherry.

With this, NTC was left with 117 sick mills, i.e. 52 viable mills and 65 closed mills.

Press Information Bureau Government of India

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