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

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

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

Mark Paterson
Technical Absorbents Ltd

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

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...

Sonam & Paras Modi
SVA

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

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

October 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
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

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
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

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
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

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
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


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