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Plan to revive NTC mills through joint venture

Staff Reporter

52 mills identified for modernisation, says Elangovan

COIMBATORE: A proposal to revive and modernise select National Textile Corporation (NTC) mills through joint venture will be announced soon, Minister of State for Textiles E.V.K.S. Elangovan said on Monday.

Talking to presspersons here, he said though a proposal was announced earlier it did not come off, and it was being revised now. The details would be finalised soon, and the new proposal announced in a couple of months.

Orders for machines

Fifty-two mills had been identified for revival and modernisation. Orders to the tune of Rs. 78 crore were placed for machines from China. For about 30 mills, the joint venture route was suggested.

All eight mills in Tamil Nadu and Pondicherry were functioning well and registered a profit of Rs. 4.82 crore in 2005-2006.

The turnover was Rs. 200 crore.

On the concerns expressed by the textile units over the Technology Upgradation Fund Scheme, he said: "We will make sure the units don't suffer."

The Minister visited two NTC units here.

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