Financial Daily from THE HINDU group of publications
Saturday, Mar 20, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 20, 2004 |
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Corporate
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Sick Units Swadeshi Mills' closure on cards G. Gurumurthy
Coimbatore , March 19 THE NTC holding company will shortly move the Union Labour Ministry seeking its clearance for the `official' closure of the 100-year-old Swadeshi Cotton Mills in Pondicherry, one of the sick textile units identified for closure. If the Labour Ministry concedes NTC's plea, Swadeshi Mills will be the 66th NTC unit to be closed and sealed for sale, the NTC sources here say. The NTC administration, which has already introduced VRS for the Swadeshi Cotton Mills' workers, would also have the option of merging the unit with another Pondicherry-based NTC textile unit - Bharati Mills - which figures in the list of NTC units for revamp. There are about 280 workers and staff on the rolls of the Swadeshi Mills who would be given the option to shift to Bharati Mills if they wanted to do so as the NTC administration would not retrench the workers or force the VRS, the sources said.
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