5 textile mills closed as a consequence of monetary crunch, to reopen earlier than Onam fest
By Express News Service
THIRUVANANTHAPURAM: The state authorities has sanctioned `10.50 crore as working capital for textile mills below the industries division. It will assist in the reopening of 5 mills that had been closed as a consequence of a fund crunch.
The 5 mills are Prabhuram Mills in Alappuzha, Kottayam Textiles in Kottayam, Edarikode Textiles in Malappuram, Sitaram Textiles in Thrissur, and the Thrissur Cooperative Spinning Mill. The fund will assist in the higher functioning of different mills as effectively, Industries Minister P Rajeeve stated in a press release on Saturday. “The government’s policy is to protect the public sector enterprises and industrial units in the cooperative sector. All support will be given to them,” he stated.
TNIE in June had run a report on the layoff at these 5 mills that rendered over 1,000 employees jobless. It identified the federal government’s failure to offer funds to the mills to purchase cotton. The working capital sanction will assist the mills give work and wages to staffers, Rajeeve stated. The closed mills might be reopened earlier than Onam.
The authorities is continuing with the renovation of mills in a phased method. The state authorities’s intervention gained relevance within the wake of the non-functioning of the National Textile Corporation below the Union authorities.
The mills had been affected by the worldwide financial disaster and, unhindered import of clothes and uncooked supplies. The price of uncooked supplies and better energy costs worsened the disaster.
THIRUVANANTHAPURAM: The state authorities has sanctioned `10.50 crore as working capital for textile mills below the industries division. It will assist in the reopening of 5 mills that had been closed as a consequence of a fund crunch.
The 5 mills are Prabhuram Mills in Alappuzha, Kottayam Textiles in Kottayam, Edarikode Textiles in Malappuram, Sitaram Textiles in Thrissur, and the Thrissur Cooperative Spinning Mill. The fund will assist in the higher functioning of different mills as effectively, Industries Minister P Rajeeve stated in a press release on Saturday. “The government’s policy is to protect the public sector enterprises and industrial units in the cooperative sector. All support will be given to them,” he stated.
TNIE in June had run a report on the layoff at these 5 mills that rendered over 1,000 employees jobless. It identified the federal government’s failure to offer funds to the mills to purchase cotton. The working capital sanction will assist the mills give work and wages to staffers, Rajeeve stated. The closed mills might be reopened earlier than Onam. googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );
The authorities is continuing with the renovation of mills in a phased method. The state authorities’s intervention gained relevance within the wake of the non-functioning of the National Textile Corporation below the Union authorities.
The mills had been affected by the worldwide financial disaster and, unhindered import of clothes and uncooked supplies. The price of uncooked supplies and better energy costs worsened the disaster.
