Bail Out Package For Textiles Announced

Mumbai, September 16: | Updated: Sep 17 2003, 05:30am hrs
Union textile minister Shahnawaz Hussain on Tuesday unveiled a bail out package for potentially viable textile units with the help of RBI and other FIs. According to this scheme, loans given by banks and FIs to textile units at 15-17 per cent will be refinanced by the government at 8-9 %, he said here. The minister was speaking at a textile conference organised by Ficci and supported by Maharashtra. These institutions will be allowed to raise long-term capital through external commercial borrowings to convert these loans into foreign currency loans, Mr Hussain said. (UNI)