STATUS OF JOINT VENTURE

 GOM has approved modernization through Joint Venture in respect of 30 mills conveyed vide MOT directives dated 22.12.2006. Out of 30 mills, most of the workers in 12 mills opted MVRS so production activities stopped and were taken out of the purview of Joint Venture.  BIFR had also approved closure of these 12 mills.  For remaining 18 mills, GOM in their meeting held on 05.12.2006 accorded approval to enter into Joint Venture with private entrepreneurs keeping 51% stake of NTC.  NTC finalized Joint Venture for following 5 mills in the 1st phase as per EGOM directions by following the bidding process with 3 renowned textile players namely M/s.Bhaskar Industries, M/s.Alok Industries & M/s.Pantaloon Retail (India)Limited with the assistance of JV Advisor M/s Deloitte Touche Tohmatsu India Pvt.Ltd.

1.  India United Mills No.1
2. Apollo Textile Mills
3. Gold  Mohur Mills
4. New City of Bombay Mfg. Mills and 
5. Aurangabad Textile Mills

Further as per the directions of MOT, NTC finalized Joint Venture for following 11 mills in the 2nd phase with the assistance of M/s Deloitte JV Advisor, on the same pattern of 5 mills offered to JV partners.

1. Parvathi Mills, Quilon (Kerala)
2. RBBA Mills, Hinghanghat (Maharashtra)
3. Savatram Ramprasad Mills, Akola (Maharashtra)
4. Chalisgaon Textile Mills, Chalisgaon (Maharashtra)
5. Dhule Textile Mills, Dhule (Maharashtra)
6. Nanded Textile Mills, Nanded (Maharashtra)
7. Swadeshi Cotton Mills, Maunath Bhanjan (Uttar Pradesh)
8. Laxminarayan Cotton Mills, Kolkotta (West Bengal)
9. Sodepur Cotton Mills, Sodepur(West Bengal)
10. Orissa Cotton Mills, Bhagatpur(Cuttack), Orissa
11. Sri Sarda Mills, Coimbatore(Tamil Nadu)

MOU has already been signed on 14.11.08 with a leading textile house i.e M/s. Krishna Group having companies namely Esskay Knit, Jay Bharat and KSL Limited for the above 11 mills. 
2 mills namely Coimbatore Spg. & Wvg. Mills, Coimbatore and Tirupati Cotton Mills, Rennigunta have been taken out of the list of 18 JV mills because of the improved performance.

Indian Textile Plaza

Indian Textile Plaza is under construction at the land of Jehangir Textile Mills, Ahmedabad (a closed NTC mill) with facilities like Handloom & Handicrafts Mall, Exhibition Hall, Convention Hall, Theatre Complex, Textile/Handicraft Museum, Food Court, Children Plaza, and Youth & Women Training Center & City Plaza by NTC forming SPV with NBCC.  MOU has been signed with NBCC for construction of the Plaza.  The work is in progress.