The National Textile Corporation (NTC) holding company unleashed merger plans for its 18 mills to strengthen its functions.
Ramanchandran Pillai, NTC Chairman and M.D., informed that it was planned to merge its nine subsidiaries and the holding company under one roof and under one board of directors.
After the approval of merger from Central Government and the Board for Restructuring Public Sector Enterprises, the NTC holding company had filed before the Board for Industrial and Financial Reconstruction to obtain its approval.
Pillai added that currently only 52 NTC mills are at functional stage so there is no need for nine subsidiaries. The merged company will have a regional establishment in four regions.
The merger is likely to take place within a couple of months, Pillai opined.
The NTC company has also decided to immediately modernise 22 of the 52 mills, and for additional 18, is planned to go for joint venture initiatives with private sector.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
