YnFx logo
FacebookFacebookFacebook

News Tags

warning: Creating default object from empty value in /var/www/html/html/vhosts/ynfx_drupal/modules/taxonomy/taxonomy.pages.inc on line 33.

State govt set up six member committee to easy shifting of textile mills

Related Keywords: Amravati, capital subsidy, cotton growing area, develop land, Devendra Fadnavis, easy shifting of textile mills, help NTC shut mills, land in Mumbai, Maharashtra Chief Minister, National Textile Corporation, set up textile units, textile policy

Maharashtra chief minister Devendra Fadnavis in a meeting with National Textile Corporation (NTC) official a fortnight ago made it clear that the government would help NTC shut its mills in Mumbai and develop the land, provided it set up textile units in Amravati. The condition is to set up the mills there, operationalize them and only then would the government allow NTC to commercially exploit its land in Mumbai.

The decision likely to be opposed by political satraps in Satara, Sangli, Solapur and Ichalkaranji who have interests in the textile industry in these regions.

Alok Industries textile major focus to sell all its non-core assets

Related Keywords: Alok Industries, consolidation phase, investment banker, joint venture, land in Mumbai, New York based, Next Creations, non-core assets, sell, Silvasssa, Store 21, textile major, UK retail chain, Vapi

Alok Industries, textile major is in view of raising Rs 2,000 crore by selling its UK retail chain, Store 21, and well as land in Mumbai, Vapi and Silvassa over the next two years for which investment bankers have been appointed.

At the moment, the company’s focus is selling all their non-core assets as they are in a consolidation phase and will not expand for at least the next three to four years, said Chief Financial Officer Sunil Khandelwal.

They also have plans to sell its land in Mumbai in the next six months and hope to raise at least Rs 300 crore from this sale.

Copyright © 2014 Centerac Technologies Limited. All Rights Reserved
-->
feedback button