- National Textile Corporation
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National Textile Corporation is a company owned by the Indian government.[1] It owns many textile mills, some of which have been closed down.[2] The company was incorporated in April 1968.
The National Textile Corporation Limited (NTC) is a Central Public Sector Enterprise under the Ministry of Textiles which was incorporated in April 1968 for managing the affairs of sick textile undertakings, in the private sector, taken over by the Government. Starting with 16 mills in 1968, this number gradually rose to 103 by 1972-73. In the year 1974 all these units were nationalized under the Sick Textile Undertakings (Nationalization) Act 1974. The number of units increased to 119 by 1995. These 119 mills were controlled by NTC(HC) Ltd with the help of 9 subsidiary Corporations, with an authorized capital of
10 crore (US$2.03 million) which was raised from time to time and which is now 5,000 crore (US$1.01 billion)[3] and the paid up share capital of the corporation is 3,062.16 crore (US$621.01 million) as on March 31,2010.Looking to the reduced number of mills and in line with the contemporary industry’s trend all 9 subsidiary companies have been merged with NTC-HC making it into a single Company w.e.f. 01.04.2006.
NTC has so far closed 77 mills and has transferred 2 mills in the State of Puducherry to the State Government of Puducherry.
NTC is to modernize/set up 24 (22+2) mills by itself through generation of funds from the sale of its surplus assets and 16 (18-2) mills are to be revived through Joint Venture route.
NTC has modernized 18 mills so far and is in the process of setting up 3 Composite Textile Units of which one is an SEZ area. NTC would be setting up 1 Technical Textile Unit and modernizing 2 more units taken out from the list of Joint Venture apart from going into Ginning & Garmenting by way of forward and backward integration to have a pressure in all components of the value chain
References
- ^ http://www.business-standard.com/india/news/ntc-gets-rs-1152-cr-bidday-1land-auction/403622/
- ^ "No plan to revive 77 textile mills closed by NTC". Press Trust of India. December 10, 2009. http://www.ptinews.com/news/416834_No-plan-to-revive-77-textile-mills-closed-by-NTC. Retrieved 22 December 2009.
- ^ "NTC's surplus land sale". The Hindu (Chennai, India). 7 August 2010. http://www.thehindu.com/business/companies/article558060.ece.
External links
Categories:- Textile companies of India
- Companies established in 1968
- Government-owned companies in India
- Companies based in New Delhi
- Economy of Mumbai
- Textile stubs
- Indian company stubs
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