NTC may revive 13 mills by ’07-end

SURAT: The National Textile Corporation (NTC) is likely to complete modernisation-cum-revival programme of 13 out of 22 mills by December-2007. Union minister of textile Shankersinh Vaghela said modernisation of 15 mills is in full swing and will be completed by December-2007. He said NTC has bought textile machinery from CTMTC China.

According to Mr Vaghela, the NTC has 52 potentially viable mills and the government has decided to modernise 22 mills at an estimated cost of Rs 530 crore through sale of surplus assets.

He said 29 mills would be revived through joint venture with private partners. The Centre recently announced Rs 77-crore relief package for the flood-hit textile industry.

Around 6,000 units that were affected by floods would be given relief worth Rs 56 crore initially. The remaining Rs 21 crore will be given through credit-link subsidy of 20% for working capital loss.