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Sale of surplus land by NTC
18 Aug '10
1 min read
The revival scheme sanctioned for National Textile Corporation Ltd.(NTC) by the Board of Industrial and Financial Reconstruction (BIFR) is self-financing through sale of surplus land and assets.
Accordingly, NTC has been generating funds from sale of surplus land/assets of the company. 108 acres of surplus land are identified for disposal at an estimated value of Rs. 390 crores. This information was given by the Minister of State for Textiles, Smt. Panabaaka Lakshmi in a written reply in the Rajya Sabha to a question raised by Shri N.K. Singh.
The Minister further stated that as per scheme approved by the BIFR funds generated from sale of surplus land are utilized for modernization of mills, payment under Modified Voluntary Retirement Scheme (MVRS) etc.
The revival scheme for NTC, as approved, envisages modernisation of viable mills and closure of unviable mills. 77 unviable mills have been closed under the Industrial disputes Act and 18 viable mills which have been modernized by NTC are generating cash profits, the Minister added.
Accordingly, NTC has been generating funds from sale of surplus land/assets of the company. 108 acres of surplus land are identified for disposal at an estimated value of Rs. 390 crores. This information was given by the Minister of State for Textiles, Smt. Panabaaka Lakshmi in a written reply in the Rajya Sabha to a question raised by Shri N.K. Singh.
The Minister further stated that as per scheme approved by the BIFR funds generated from sale of surplus land are utilized for modernization of mills, payment under Modified Voluntary Retirement Scheme (MVRS) etc.
The revival scheme for NTC, as approved, envisages modernisation of viable mills and closure of unviable mills. 77 unviable mills have been closed under the Industrial disputes Act and 18 viable mills which have been modernized by NTC are generating cash profits, the Minister added.
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