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Drumbeat: Ad Buzzaar
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Monday, July 20, 1998
NTC arm submits bailout plan
Our Bureau
Chennai, July 19: NTC (TN&P), the Tamil Nadu and Pondicherry subsidiary of the National Textile Corporation (NTC), has submitted two proposals to the union textiles Minister to pull out the once profit-making subsidiary from the red. The management has sought a bridge loan of Rs 50 crore from the government. The package envisages an outlay of Rs 99 crore towards revival and modernisation of 11 units under the subsidiary. The revival schemes would be funded by sale of excess land of the 11 units under the subsidiary.Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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