Tamil Nadu - Coimbatore   

Revised proposal on joint venture soon

Staff Reporter

Move to revive select NTC mills

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

He explained that though a proposal was announced earlier it had not taken off and it was being revised now. The details would be finalised soon and the new proposal would be announced in a couple of months.

Identified

As many as 52 NTC mills in different parts of the country had been identified for revival and modernisation. Orders to the tune of Rs. 78 crore were placed for machines from China to modernise some of these units.

For about 30 mills, the joint venture route was suggested.

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

The turnover was Rs. 200 crore. He expressed confidence that all the units in Tamil Nadu would register profit in one or two years.

On the concerns expressed by the textile units regarding the Technology Upgradation Fund Scheme, he said these would be sorted out soon and "we will make sure the units don't suffer."

He visited two NTC units here (Murugan Mills and Coimbatore Spinning and Weaving Mills) on Monday.

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