Closure of cracker factories would lead to Rs 16 bn NPAs, warns industry

Industry says they will not be able to run the factories due to Apex Court's order

The fireworks industry in Sivakasi claimed closure of factories would not only affect around 800,000 families, who are relying on this industry, it will also lead to NPAs worth around Rs 16 billion for the banks, mainly PSUs.

It may be noted, nearly 1,400 units in this town, nearly 550 kms from Chennai, decided to close shutters from Monday protesting against the Supreme Court's order to restrict firecracker sales to only green crackers across the country.

E Mariappan, general secretary, Tamil Nadu Fireworks And Amorces Manufacturers Association (TANFAMA), the apex body which represents the units that produce nearly 95 per