Financial Daily from THE HINDU group of publications
Tuesday, Dec 20, 2005


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Corporate - Sick Units

NTC arm to take joint venture route for revamp

G. Gurumurthy

Coimbatore , Dec. 19

THOUGH the administration of National Textile Corporation (NTC) in Tamil Nadu says that Coimbatore Spinning and Weaving Mills (CS and W), one of the NTC mills here slated for revival, would be resuscitated under the NTC's own initiative, the revamp will use the joint venture route.

"The board of directors of the NTC's Tamil Nadu subsidiary has decided to revive the CS and W and it has also identified 20 acres of surplus land out of the 36 acres owned by the CS and W for sale,'' said Mr Ramachandran Pillai, Chairman and Managing Director of NTC.

Incidentally, the workers unions' of the CS and W are opposed to the joint venture revamp plan and are demanding that the corporation should infuse its own capital for the revival.

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