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Govt to lease out public sector owned jute units

09
Jun '09
The Union Government is planning to lease out three production units of the National Jute Manufacturers Corporation Ltd (NJMC) to private companies, which is considered to be the first of its kind in the history of public sector units in India.

NJMC has six jute mills in West Bengal and Bihar of which two units in West Bengal and one in Bihar have been recommended to be leased out and the remaining three other units are proposed to be closed down.

This situation has come about due to the fact that, NJMC has been sick since 1994 and at the end of 2007-08, the company recorded a net loss of Rs 487.13 crore and had accumulated a negative net worth of Rs 6,254.62 crore.

Fibre2fashion News Desk - India


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