NTC progresses on its revival plan with land sale

National Textiles Corporation (NTC) has generated Rs 6,154

crores funds from the sale of surplus land, Parliament was informed. As on June 30, 2013, NTC has sold 1,476.03 acres and has generated sale proceeds worth Rs 6,154.94 crores, Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Lok Sabha.

Besides, the total area of excess land available with the company for sale is 2,774.70 acres, the minister said. “The sale of land is being effected by NTC as per the revival plan approved by the government and sanctioned by the Board for Industrial and Financial Reconstruction (BIFR),” she said.

Based on the Techno-Economic Viability Study (TEVS) conducted by Textiles Research Associations (TRA), BIFR approved the revival scheme for NTC in 2002 and subsequently modified in 2006 and 2008. As per the scheme approved by the BIFR, NTC has closed down 78 mills. As of now, 23 NTC units are functioning in the country.

NTC is looking at spreading wings across India by launching 100 stores by 2014 with a turnover of Rs 100 crores. The textile major also underwent a transformation and inaugurated a new logo to enhance the brand personality. It also launched a denim collection as a part of its product expansion plans. It plans to introduce technical textile products in the near future.