India National Textile Company Closes 67 Textile Factories

2008/12/22 13:27:00 68

According to the 1947 labour dispute (ID) act, India National Textile Corporation (NTC) has closed 67 textile mills which are unable to survive, approved by the industrial and financial reconstruction board (BIFR) rehabilitation plan and approved by the government.

At present, there is no suggestion of resumption and reopening of the above closed factories in the form of public-private partnership.

The original revival plan was approved by the subsidiary bodies of the industrial and financial reconstruction board (BIFR) in April 2002. Subsequently, the national textile company's amendment plan (MRS- 08) was approved by BIFR in September 5, 2008.

According to MRS-08, the implementation time of the national textile company's recovery plan will be extended to March 31, 2009.

The total investment of MRS-08 is 91 billion 20 million rupees, all raised by itself.

The factory assets that have already been closed and the remaining assets of the textile mills with viable capacity can be sold.

Through MRS-08, BIFR has approved the closure of 12 factories.

MRS-08 also recommends cancellation of government loans and interest relief, with a time limit of March 31, 2007.

In addition, BIFR has approved a variety of income tax, wealth tax, capital gains tax reduction and tax.