National Textile Corporation's (NTC) 22 mills are being modernized at a total investment of Rs530 crores.
The rehabilitation programme that began in 2002 was on schedule and NTC mobilized Rs2,000 crores in phases since then for rehabilitation process and expected to make its operations profitable during the next financial years. During the last financial year NTC had a turnover of Rs625 crores.
Modernization process of four NTC mills in Kerala will be complete by April next year taking up the combined capacity of these units to 1.5 lakh spindles annually.
The Corporation is investing Rs110 crores in new machinery and equipment in these units.
These units were making profit and their operations would further be streamlined in the next financial year.
NTC's rehabilitation of the Bangalore mill was progressing as per schedule and the Karnataka Government had allotted 40 acres for the new mill in Hassan.
Since the rehabilitation process commenced in 2002, 53,000 employees were given golden handshakes and an amount of Rs800 crores was spent on this.
Since then 65 NTC units were wound up and these processes were completed without a hitch.
Once VRS were taken and unviable units closed, the Corporation went in for the sale of some of its property that raised funds to give up the secured and unsecured debts.
The NTC programmes are the most successful instance of PSU rehabilitation in the country.
-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)")
