STOCK MARKET BSE NSE

Textiles firms seek loan restructuring

Published: 08th August 2012 11:56 AM  |   Last Updated: 08th August 2012 11:56 AM   |  A+A-

By IANS

Apparel Export Promotion Council (AEPC) Tuesday urged the government to direct banks to restructure loans to textiles industry, which is reeling under Rs.155,809 crore debt.
In a letter to Finance Minister P. Chidambaram, AEPC chairman A. Sakthivel urged for government's support to debt-ridden textiles industry.
Sakthivel requested the finance minister to direct the Reserve Bank of India to issue necessary guidelines for restructuring loans of textiles firms.
"Textiles and garment industry needs your helping hand in an important matter," Sakthivel said in the letter.
According to textiles ministry, total outstanding debt of textiles sector is Rs.155,809 crore, of which debt of Rs.35,000 crore needs restructuring.
"Government directions to banks to consider this on priority would be issued in this regard," AEPC chairman said.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp