The Board for Industrial and Financial Reconstruction (BIFR) had approved a Revival Scheme for National Textile Corporation (NTC) in respect of its 8 subsidiary Corporations and the Government had approved a Revival Scheme for the 9th subsidieary corporations, thus covering all 119 mills of NTC.
Out of 119 mills, 65 mills, identified as unviable in BIFR/GOI approved schemes, have been closed under ID Act and two mills located in Pondicherry have been transferred to the State Govt. of Pondicherry. Thus, NTC, presently is having 52 potentially viable mills.
The Schemes approved by BIFR are under implementation. While reviewing the implementation of earlier approved Schemes in respect of balance 52 mills, the Government decided to modernize 22 mills at an estimated cost of Rs.530 crores by NTC itself through sale of surplus assets and 29 mills are available for revival through joing venture with private partnership.
Besides this, it has been decided to construct an India International Trade Tower on the land of one mill in Mumbai. NTC has already started modernization of mills by placing orders for machinery.
Press Information Bureau Government of India
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