Thirteen of the 23 textile mills modernized by the National Textile Corporation (NTC) have generated cash profits during 2011-12. This was stated by Minister of State for Textiles Panabaaka Lakshmi, In a written reply to the Rajya Sabha, Upper House of India's Parliament.
NTC, a Central Public Sector Enterprise under the Ministry of Textiles, administers the affairs of sick textile units operating in the private sector that have been taken over by the Government due to their operational inefficiency.
The Corporation has introduced a scheme, pursuant to which unviable textile mills of the country are being closed down, while efforts are made to revive the viable units through sale of their surplus assets.
Pursuant to the scheme, NTC revived and modernized 23 textile mills, 13 of which positively generated cash profits during the year, the Minister said.
Fibre2fashion News Desk - India