Indian National Textile Corporation to amend the plan will be approved by the BIFR

Indian National Textile Corporation (NTC) under the 1947 labor dispute (ID) method has been shut down under 67 can not survive in the textile, industrial and financial reconstruction by the Board of Directors (BIFR) rehabilitation plan approved and ratified by the Government. At present, there is no form of public-private partnerships in order to restore, update and re-open the closed factory.

The original rehabilitation plan in April 2002 from the Industrial and Financial Reconstruction Board of Directors (BIFR) under the agency’s approval, then on the national textile company plans to amend (MRS-08) in September 5, 2008 has been approved by the BIFR. According to the MRS-08, the country’s textile and implementation of the recovery plan will be extended to March 31, 2009. MRS-08 for a total investment of Rs 91,020,000,000, all self-financing. May have to close the sale of the assets of the plant, as well as the viability of the remaining assets of the textile mill.

Through MRS-08, BIFR has approved the re-closure of 12 factories. MRS-08 also recommended that the write-off of government loans and interest from the time limit on March 31, 2007. In addition, BIFR also approved a variety of income tax, wealth tax, capital gains tax so that tax cuts and tax.