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Minister demands blueprint for revival of sick textile mill
27 Jun '09
1 min read
The former privately owned Juapong Textile Mills, which has now been taken over by the state, has been asked by the Provincial Minister to send a blueprint for revival of the sick company to make it viable.
Now, known as Volta Star Textile Company, it was declared unprofitable by its private owners and was on its way to liquidation, when the government stepped in and bought out the company from its owners.
The Minister, Mr Joseph Amenowode, in his interaction with the management staff of the mill, asked for the proposal for revival to be sent to him in two weeks time, after which he would interact with other concerned ministries.
The staff told the minister that they were starved of working capital and also did not have the money to replace machinery parts as well as buy raw material to run the mill in a proper manner. The mill has around 300 workers.
Now, known as Volta Star Textile Company, it was declared unprofitable by its private owners and was on its way to liquidation, when the government stepped in and bought out the company from its owners.
The Minister, Mr Joseph Amenowode, in his interaction with the management staff of the mill, asked for the proposal for revival to be sent to him in two weeks time, after which he would interact with other concerned ministries.
The staff told the minister that they were starved of working capital and also did not have the money to replace machinery parts as well as buy raw material to run the mill in a proper manner. The mill has around 300 workers.
Fibre2fashion News Desk - India
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