Alok plans to convert NTC mills to garment units
\nReuters India, India<\/p>\n
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MUMBAI (Reuters) – Textile firm Alok Industries Ltd plans to convert two struggling state-run spinning mills into garment units as part of a plan to revive them.<\/p>\n
The company, which on Wednesday said it has formed two JVs with National Textile Corp to revive a mill each in Mumbai and Aurangabad, hopes to set up garment units with a capacity of 500 machines, an Alok official who declined to be named said.<\/p>\n
“We have submitted the plan. The joint venture firm’s board needs to take a decision,” he said. “Spinning operations will be unviable due to high costs in Mumbai and strict pollution regulations do not allow processing.”<\/p>\n
National Textile Corp will own 51 percent and Alok the rest in the joint venture firm, the official said adding investment numbers would be arrived at shortly.<\/p>\n
The mills have about 500 workers each and the garment unit can absorb them, the official said.<\/p>\n
The National Textile Corp had invited bids from top private textile firms to revive a clutch of mills.<\/p>\n
Besides Alok, the Future group, which runs Pantaloon Retail (India) Ltd has won the rights to revive two mills in Mumbai and Bhaskar Industries another one, a National Textile Corp source said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Alok plans to convert NTC mills to garment units Reuters India, India MUMBAI (Reuters) – Textile firm Alok Industries Ltd plans to convert two struggling state-run spinning mills into garment units as part of a plan to revive them. The company, which on Wednesday said it has formed two JVs with National Textile Corp to […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\n