National Textiles Corporation (NTC) has generated Rs 5,987 crore funds till date from the sale of 1,533 acres of surplus land, Parliament was informed today.
"NTC has sold 1,533.09 acres of land till date and has generated sale proceeds worth Rs 5,987.41 crore," Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Lok Sabha.
Based on the recommendations of the Board for Industrial and Financial Reconstruction (BIFR), the company has closed down as many as 77 unviable units and launched revival for 24 mills.
Under the Modified Voluntary Retirement Scheme (MVRS), NTC has paid Rs 1,585.18 crore as compensation to 46,014 employees of the closed mills, Lakshmi said.
The state-owned company has completed the modernisation of 18 mills.
The revival plan for NTC was approved by the government and sanctioned by the BIFR. The plan is a self-financing and the resources are to be generated by sale of surplus land and assets.
The company has surplus land in various states such as Mumbai, Karnataka and Coimbatore.
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