'This has translated into a combined daily loss of 60 crore in revenues for exporters in Tiruppur, Coimbatore, Erode and Karur districts, pushing many small and medium enterprises to the brink of collapse.'
While the move may give a competitive edge over rivals like Bangladesh in the global market, several industry bodies raised concerns that many state governments may not implement it on the ground.
Union minister for textiles Dayanidhi Maran said, "The making of the National Fibre Policy is in its final stages and will be ready by March end." He spoke at a seminar today, organised by the Confederation of Indian Industry on textiles. He declined to divulge details.
Once the iconic red-brick building of British India Corporation (BICL), which manufactured the popular "Lal-Imli" brand of woollen products, made Cawnpore (now Kanpur) the Manchester of the East. In the 75th year of independence, the government may finally pull the curtains on the century-old, now defunct public sector enterprise. "The Department of Public Enterprises (DPE) has floated a draft cabinet note for closure of British India Corporation (BICL) along with National Textiles Corporation (NTC). "The Cabinet may soon tak
Law must not only change with changing social needs, it must recognise technological advancements, the Kerala high court has said while referring to a larger bench the question -- whether a wedding under the Special Marriage Act (SMA) can be solemnised online via video conferencing.
Some of the country's largest listed real estate developers - DLF, Prestige Estates, and Puravankara - are foraying into the Rs 50,000-crore residential property market of Mumbai, where home prices are among the highest in the world. All of them are set to launch residential projects in the financial capital of the country, where the market is dominated by players such as Runwal, Lodha, and Oberoi Realty, among others. Leading the race is Prestige, which has lined up 6 million square feet (msf) of new launches in the city across Mulund and Byculla in the third quarter of this financial year (2021-22).
Sector insiders and analysts say this is due to combination of slowing property markets and liquidity issues.
Lodha Developers on Thursday said it has completed the acquisition of 17-acre prime land in Mumbai from realty major DLF for Rs 2,725 crore (Rs 27.25 billion) -- the largest realty deal so far this year.
In a big-ticket land deal, realty major DLF has sold 17 acres of prime land in Mumbai to Lodha Developers for about Rs 2,700 crore (Rs 27 billion), nearly four times higher than the price at which the company had bought this parcel seven years ago in 2005.
To reduce its mounting debt, DLF, the country's biggest real estate company, is set to sign a deal with Mumbai-based Lodha Developers for selling one of its showcase non-core assets the 17-acre National Textile Corporation (NTC) land in Mumbai.
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
DLF had bought 17.5 acres of land in 2005 from the National Textile Mills for about Rs 700 crore (Rs 7 billion).
An all-party delegation, led by Maharashtra Chief Minister Prithviraj Chavan, missed its appointment with Prime Minister Manmohan Singh as none of the members could land in Delhi due to the intense fog. The appointment was scheduled at 12.30 pm on Friday. The delegation was scheduled to urge the prime minister that the 12.5 acre Indu mill land belonging to the National Textile Corporation be given to the state government free of cost.
The lead actors of Delhi Belly launched a range of t-shirts recently.
Last week, Indiabulls Infratech, part of the Indiabulls group, bagged NTC's Bharath Mill land, spread over 8.3 acres, in Mumbai for Rs 1,505 crore (Rs 15.05 billion).
The Podar Mill, which went under the hammer today, is expected to get higher bids in the remaining two days of the e-auction.
A yuan stress test conducted by the government in March this year, showed profit margins of labour-intensive textile companies would drop by one percentage points if the it appreciates by one per cent.
The National Textiles Corporation (NTC) said it has done away with the system of inviting tenders for selling lands of its closed mills and adopted the 'e-auction' route, which is more transparent.
Following the success of the Rs 4,050-crore Wadala land deal in central Mumbai, at least three government agencies are planning to sell plots worth at least Rs 60 billion (Rs 6,000 crore) in the next two months.
The government is reviewing a proposal by an expert group to lower the weightage to financial parameters of central public sector enterprises while fixing their overall annual targets.
This is based on Rs 100 crore (Rs 1 billion) per acre as reserve price fixed by the NTC for various properties.
A major fire has been reported at Gulmohar Mill situated on Dadasaheb Phalke Marg in the Dadar area of central Mumbai. At press time no serious casualty has been reported, nor has anyone been trapped in the fire, the Mumbai fire brigade said.
Third attempt to get more buyers, property market still quite depressed.
The National Textile Corporation (NTC) has earned Rs 4,034 crore through sale of assets as a part of its Modified Revival Scheme (MRS), which mainly includes land of closed mills, according to Union Minister for Textiles Dayanidhi Maran.
According to sources close to the development, the ministry feels that the National Textile Corporation (NTC), which has put the land on sale, will get better prices than the bid put in by Lodha Developers. The company, which had initially placed a bid of Rs 657.90 crore (Rs 6.57 billion), later hiked it to Rs 710 crore (Rs 7.1 billion), following a request from NTC.
According to industry estimates, around Rs 8,000 crore of real estate projects covering over 40 million square feet are facing delays.
Among the companies that have shown interest in NTC are Abhishek Industries, Alps Industries, Falcon Tyres, Alok Industries and Nitco.
Equity investments in 82 public sector enterprises have been completely eroded due to accumulated losses, an audit of financial statements conducted by the Comptroller and Auditor General of India revealed.
The government has decided to close 12 more mills of National Textile Corporation and invited initial bids from private players to partner the firm for modernising and reviving 18 other units.
National Textile Corporation has shortlisted three firms as advisors to revive 29 of its mills through private participation.
The National Textile Corporation (NTC) has decided to sell around 40 acres of mill land in Mumbai, Bangalore, Ahmedabad and Udaipur.
The government's move to revive 29 mills of National Textile Corporation and woollen textile company British India Corporation through private participation has failed to take off.
Indiabulls Properties, the real estate arm of Indiabulls Financial Services, is planning to file an appeal in the Supreme Court against the Bombay High Court order setting aside the sale of land owned by National Textile Corporation in Mumbai.
The Supreme Court on Tuesday held that the sale of surplus lands by National Textile Corporation was legal.
In a major relief to National Textile Corporation and owners of closed private textile mills in Mumbai, the Supreme Court
National Textile Corporation is in talks with the Maharashtra government to sell the land of 10 remaining mills in Mumbai which could fetch about Rs 4,000 crore (Rs 40 billion).
In a significant development, the Bombay High court on Monday set aside the sale of 600 acre of surplus textile mill land by National Textile Corporation in prime locations.
The buyers, however, cannot go ahead with construction on the lands bought by them, the court said.
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