Home / Knowledge / News / Textiles / The President to lay foundation stone of Greenfield Project by NTC
The President to lay foundation stone of Greenfield Project by NTC
06
Sep '08
The President, Smt. Pratibha Devisingh Patil will lay the foundation stone for the Greenfield Project being set up by National Textile Corporation (NTC), tomorrow at Achalpur, District Amravati, Maharashtra.

The Union Minister for Textiles, Shri Shankersinh Vaghela, said this while addressing a Press Conference in Mumbai.

He said that the green field project will be a composite textiles mill, which will house latest machinery comprising 144 Shuttleless Looms, 48,000 Spindles and facilities to dye 4,000 kg of yarn and process 60,000 metres of fabric per day and will provide employment to 1,284 persons.

The cost of modernization will be Rs. 236 crore and the first phase will operationalise by March 2009.

Shri Vaghela said that due to untiring efforts of the Government, the Modified Revival Scheme (MRS) for the National Textiles Corporation (NTC), at an estimated cost of Rs. 5,267 crore, was approved by the Board for Industrial & Financial Reconstruction (BIFR) on March 28, 2006.

This scheme will be financed through interest free loans of Rs. 528 crore from the Government of India, and Rs. 4,739 crore will accrue from the sale of land and other assets.

The Minister informed that NTC is reviving 21 mills through Public Private Partnership (PPP) route through a Special Purpose Vehicle (SPV).

Of these, ten mills are in Maharashtra at Hinganghat, Akola, Jalgaon, Dhule, Nanded and Mumbai (India United Mills No. 1, New City of Bombay Mfg. Mills, Aurangabad Textile Mills, Gold Mohur Mills and Apollo Textile Mills).

The Minister said that NTC is modernizing 22 mills through internal resources in two phases and of these 22mills, three mills are in Mumbai, viz, Tata Mills, Podar Mills, India United Mills no. 5 and one mill at Barshi, District Sholapur.

As part of implementation of MRS, the corporation has disbursed Rs. 2,118 crore to 59,017 workers as Modified Voluntary Retirement Scheme (MVRS) compensation, he added.

The Minister said that due to focused support provided by the Government to farmers, cotton production was a record high of 315 lakh bales (170 kg. each), in the cotton season of 2007-08 (October-September).

The productivity of cotton has jumped to 553 kg/hectare in the Cotton Season of 2007-08, from 399 kg/hectare in the cotton season of 2003-04.

Since 2005-06, the country has become a net exporter of cotton. In 2007-08, cotton exports exceeded the target of 65 lakh bales and were 100 lakh bales mainly due to fall in acerage in the USA and higher global demand.

The Minister added that the reasons for increase in the production include increasing usage of Bt cotton and the implementation of the Technology Mission on Cotton (TMC).

The area under the Bt cultivation, which was around 5 lakh hectares in the cotton season of 2003-04, has gone up to 66 lakh hectares in the cotton season of 2007-08.

Shri Vaghela said that the Government is operating the Minimum Support Price (MSP) Scheme through the Cotton Corporation of India Ltd (CCI) to ensure a minimum return to the farmer even in the depressed market conditions.


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Erik Sy

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

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe
Nature Works LLC

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do 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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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