Thanks to realty, NTC is back in black

The resurgence in the textile sector could not have got a better example. After making losses for 30 years on the trot...

The resurgence in the textile sector could not have got a better example. After making losses for 30 years on the trot, state-owned National Textile Corporation (NTC) has achieved a net profit of Rs 1,014 crore in fiscal 2005-06.

The PSU, which had been termed sick and referred to the Board for Industrial and Financial Reconstruction (BIFR) in 1992, has achieved the turnaround on the back of sale of surplus land and other assets which generated Rs 3,000 crore.

Cash loss from its mill operations is also down to Rs 150 crore in 2005-06 as compared to Rs 240 crore in 2004-05 and Rs 344 crore in 2003-04.

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Currently, the PSU has Rs 2,000 crore as cash reserves which it plans to utilise for modernisation and repayment of bond money of its mills. ‘‘Our modernisation plan has been approved by BIFR and we will spend Rs 700 crore for modernisation of 22 mills. We are also streamlining our operations as we target a turnover of Rs 2,000 crore by 2011,’’ said NTC Chairman and

Managing Director K. Ramachandran Pillai. The PSU’s turnover for 2005-06 was Rs 593 crore.

Public Safety Minister Gary Anandasangaree said the designation gives law enforcement “enhanced powers to combat a group that has instilled fear through violence and intimidation”.

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