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UP allocates Rs 750 mn for sick spinning mills

05
May '10
The government of Uttar Pradesh has allocated Rs 750 million for the employees of five ailing cooperative spinning mills of the state, under the voluntary retirement scheme (VRS) introduced for them, with a view to provide them assistance.

This fund is provided as an interest-free loan to the UP handicraft and textiles department which will be recovered from property sale of these mills. It is a step taken by the government to provide a solution to the mill employees not receiving their salaries, and to cut down the liabilities of the mills.

The Bombay High Court had passed an order to liquidate these five cooperative spinning mills in Amroha, Bahedi, Mau Aima, Bahadurganj and Fatehpur regions, because they turned sick. Deadline for submitting the VRS applications will be soon be published.

Fibre2Fashion News Desk - India


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