Financial Daily from THE HINDU group of publications
Thursday, Aug 04, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 04, 2005 |
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Corporate
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Restructuring NTC commences work on restructuring of mills Anna Peter
Mumbai , Aug 3 NATIONAL Textile Corporation, New Delhi, has commenced work on restructuring 22 mills countrywide. NTC has recently garnered Rs 2,000 crore from the sale of mill land in Mumbai. A few days ago, National Textile Corporation, New Delhi, floated a tender inviting bids for the supply of textile machinery. For a sector that has followed much the same fortunes of the textile industry, this is expected to provide a huge boost, even though foreign companies have also been invited to be part of the process. The requirements will include spinning, weaving, processing machinery and testing equipment. It has also advertised for DGA sets that generate 250 KVA and above. However, bids can be submitted by companies that have a minimum turnover of Rs 50 crore annually, This is being relaxed in the case of testing equipment. According to an NTC official, six of the mills are located in Coimbatore, six in Andhra Pradesh, Kerala and Mahe and five in Maharashtra — four of which are located in Mumbai. These have been identified as Finlays, Podar, Tata and India United Mill No. 5. Most of the officials contacted refused to say whether the bonds that the Government had earlier floated to raise funds to retrench surplus workers would be retired with the Rs 2,000 crore collected recently. However, according to another official, BIFR has already passed the scheme of restructuring, under which about 25 mills are eventually to be revived. Over the last few months, five properties of National Textile Corporation (South Maharashtra) were put on the block — Jupiter Mill for Rs 276 crore; Mumbai Textile Mill for Rs 702 crore; Apollo Textile Mills for Rs 180 crore; Elphinstone Spinning and Weaving Mill for Rs 441.75 crore and NTC Maharashtra North's Kohinoor No 3 Mill for Rs 421 crore.
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