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Textile workers hail decision to revive mills
Tuesday, 04 February 2003, 20:30 IST
AHMEDABAD: The National Textile Corporation's (NTC) decision to revive three of its mills in Gujarat comes as a glimmer of hope for the state's textile workers.
The revival would cost the NTC 
4.86 billion.
The decision comes in the wake of the rehabilitation scheme approved by the Board for Industrial and Financial Reconstruction (BIFR) for closed textile mills.
"It is a boon for textile workers of Gujarat as the revival will mean more employment," NTC Employees Union member R.N. Ranjani told IANS.
"The NTC will revive Ahmedabad New Textile Mills, Rajnagar Textile Mills and Jehangir Textile Mills in the first phase while in the second phase NTC (Gujarat) will wind up the remaining eight mills and sell off their assets," said NTC managing director V.K. Tripathi.
Tripathi was here to announce the entry of Finlay Mills in Gujarat. The firm will sell its cotton fabrics through its own marketing network.
The NTC will spend 500 million on revamping and modernising the mills and 2.2 billion towards paying workers under a Voluntary Retirement Scheme (VRS). The remaining amount is meant for repayment of borrowings from banks and financial institutions.
Under the rehabilitation scheme, the NTC is closing down unviable mills and scrapping the surplus functions of the three that are to be revived.
NTC (Gujarat) has closed some mills, paying 1.1 billion to 3,385 workers who opted for VRS. Its 11 mills employ 5,000-odd employees.
The corporation aims at realising 2.26 billion from the sale of the plants, machinery and land of the eight closed mills. Of this, it has already recovered 69.7 million by selling the machinery.
Of its 11 mills, Jupiter Textile Mills wound up Friday while Madhuri Textile Mills will shut down on February 28.
Source: IANS
4.86 billion.
The decision comes in the wake of the rehabilitation scheme approved by the Board for Industrial and Financial Reconstruction (BIFR) for closed textile mills.
"It is a boon for textile workers of Gujarat as the revival will mean more employment," NTC Employees Union member R.N. Ranjani told IANS.
"The NTC will revive Ahmedabad New Textile Mills, Rajnagar Textile Mills and Jehangir Textile Mills in the first phase while in the second phase NTC (Gujarat) will wind up the remaining eight mills and sell off their assets," said NTC managing director V.K. Tripathi.
Tripathi was here to announce the entry of Finlay Mills in Gujarat. The firm will sell its cotton fabrics through its own marketing network.
The NTC will spend 500 million on revamping and modernising the mills and 2.2 billion towards paying workers under a Voluntary Retirement Scheme (VRS). The remaining amount is meant for repayment of borrowings from banks and financial institutions.
Under the rehabilitation scheme, the NTC is closing down unviable mills and scrapping the surplus functions of the three that are to be revived.
NTC (Gujarat) has closed some mills, paying 1.1 billion to 3,385 workers who opted for VRS. Its 11 mills employ 5,000-odd employees.
The corporation aims at realising 2.26 billion from the sale of the plants, machinery and land of the eight closed mills. Of this, it has already recovered 69.7 million by selling the machinery.
Of its 11 mills, Jupiter Textile Mills wound up Friday while Madhuri Textile Mills will shut down on February 28.
Source: IANS