Home / Knowledge / News / Textiles / BIFR & EGOM take steps to revive NTC mills
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


Must ReadView All

Pic: Alizila

Apparel/Garments | On 24th Mar 2019

Barclaycard and Alipay become partners

UK-based Barclaycard and Alipay have become partners which will allow ...

Pic: True Fit

Apparel/Garments | On 24th Mar 2019

True Fit to reach 100 million registered users mark

True Fit, the data-driven platform that made the industry's Fashion...

Pic: Ecutopia

Information Technology | On 24th Mar 2019

Ecutopia & Jesta form supply chain optimising platform

Ecutopia, a powerful platform that enables collaborative trade and...

Interviews View All

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search