NTC to triple turnover by 2014
07 Nov 2009
The National Textile Corporation (NTC) is now out of the red and has drawn up plans to achieve a turnover of Rs2,014 crore by 2014, against the current level of Rs524 crore (during 2008-09).
He said the government has provided Rs5,267 crore for the revival and modernisation of NTC mill under a modified revival scheme approved by BIFR in 2006-07.
The scheme envisages revival of 43 mills, of which 24 mills are being modernised by NTC itself and 19 mills are being modernised through public private partnership (PPP) mode. NTC has completed modernisation of 17 mills, and the modernisation of 18th mill, ie, Cannanore Spinning and Weaving Mills, Kannur, Kerala will be completed soon. The company is working on three greenfield composite mills one each in Karnataka, Maharashtra and Gujarat. NTC has so far spent Rs663 crore towards modernisation, the textiles minister said.
He said the textiles ministry is taking all efforts to turn NTC into a profitable enterprise by enhancing capacity utilisation (up to 80 per cent). The measures would also involve reduction of idle wages and launching of aggressive marketing initiatives.
The plan, Maran said, is to turn NTC from a mere spinning company into an integrated textile company with spinning, weaving, processing and garmenting facilities.
NTC, he said, recently inaugurated four revamped textiles mills at Coimbatore while three NTC mills in Mumbai and four mills in Kerala - at Trissur, Thiruvanthapuram and Kannur - will soon be inaugurated.
The corporation is also focusing on downward linkages and re-energising its 93 retail outlets and making efforts to capture institutional sales to achieve the status of nation's clothier and provide on opportunity to consumer to identify with its products, said Maran.
The textiles ministry, he said, has taken initiatives for promoting technical textiles, keeping in view vast scope of growth in technical textiles. NTC had been asked to exploit the opportunities in this area. NTC is going to set up a technical textiles unit in its existing mills at Coimbatore, informed Maran.
