NTC to Go For Diversification and Expansion

NTC to Go For Diversification and ExpansionOn Tuesday, the National Textile Corporation’s (NTC) Chairman K. Ramachandran Pillai has announced to go for diversification and expansion. It has been told that the government-owned company would be setting up Rs. 60 crore facility at Hassan in Karnataka.

For the same the company is conducting talks with top companies in Germany and Italy to buy the necessary state-of the art machinery for diversifying into processing field. It has come to light that the company, in the last fiscal year, recorded sales of Rs 675 crore and a gross profit of Rs 1,500 crore.

Moreover, the company has also proposed to open a textile unit in Rajasthan with an investment of Rs 250 crore. Pillai said, “We are scouting for a joint venture partner. We need a partner for marketing and technology. The partner will be finalized this year and investments are expected to be made in 2012-13”.

Besides, the company might also consider investing another Rs 250 crore in ten separate technical textile projects which are to be developed with a joint venture partner in a cluster mode. It has been told that the infrastructure for the proposed projects will be developed by the NTC on its surplus land.