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Govt will not revive unviable NTC mills – Maran

11
Dec '09
The Union Textiles Minister said that the government does not intend to re-start or revive loss making or closed mills under the management of the state-owned National Textile Corporation (NTC).

Mr Maran informed the Parliament that 77 unviable mills owned by NTC have been closed down under the Industrial Disputes Act under the revival scheme of Board for Industrial and Financial Reconstruction (BIFR).

He added by saying that, 60,859 employees, including 43,914 from the 77 closed mills, had opted to leave NTC under the Modified Voluntary Retirement Scheme (MVRS) which involved a total compensation of Rs 22 billion.

Fibre2fashion News Desk - India


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