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BIFR & EGOM take steps to revive NTC mills
22
Dec '08
Following steps, as approved by the Board for Industrial and Financial Reconstruction (BIFR) and Empowered Group of Ministers (EGOM), have been taken to make the company profitable:

(i) To bring down the administrative cost of NTC, 9 subsidiary-corporations of NTC have been merged with NTC Holding Company, making it a single company with a single Board of Directors, as against 10 Companies for NTC in the past.

(ii) 67 unviable mills have been closed and compensation paid to the surplus employees of these closed mills who opted for Modified Voluntary Retirement Scheme (MVRS).

(iii) By offering MVRS to the surplus employees, the number of employees in NTC has been brought down to 12234. Under this scheme, 59,179 employees have availed voluntary retirement.

(iv) 22 mills have been identified for modernization by NTC itself. Out of these, 15 mills have so far been modernized. In addition to this, modernisation of 16 mills through Joint Venture (JV) route has also been finalized.

This information was given by the Minister of State for Textiles, Shri E.V.K.S. Elangovan in a written reply in the Lok Sabha on December 22, 2008.

Press Information Bureau

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