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

Textiles | On 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Apparel/Garments | On 25th May 2017

Guess records $458.6 million revenue for Q1 2018

For the first quarter of fiscal 2018, the net revenue of American...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Mark Paterson
Technical Absorbents Ltd

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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:
May 2017

May 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