“We will not be using funds from the present JVs to upgrade our mills. NTC is having sufficient revenue to revamp its own mills, in fact 22 have already being modernized and would be used for this particular retail joint venture. Another 11 units are under process and will be utilized for another phase.”
Talking about mergers, Mr Sharma said that they have combined nine sick units which will not further be operating as separate mills but work under single name, NTC Ltd.
NTC is devising a different corporate strategy to position itself strategically in the domestic textile space. These joint venture initiatives are part of the company's new game plan.
Fibre2fashion News Desk - India
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