NTC to shut down three textile mills

The National Textile Corporation (NTC) has decided to close its two textile units in Punjab and one in Rajasthan. This decision comes in the wake of the approval of Industrial Board of Financial Reconstruction (BIFR) which has concluded twelve NTC mills to be unviable for operations and approved closure of the same.The mills are Kharar Textile Mills, Kharar and Suraj textile mills, Malout, both in Punjab and Shri Bijay Cotton Mills in Bijaynagar, Rajasthan. The Chairman cum Managing Director of NTC has written to the Labour Ministry informing about the closure with an assurance that the sacked employees would be given very attractive retirement terms. This is the second mill of NTC to be closed in Kharar after the closure of the Panipat Woolen Mills in 2003. These closures come contrary to statements made by the Prime Minster assuring the country of safeguarding interests of employees in public and private sector companies due to recessionary trends, a fall out of the global financial crisis