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India : Debt Restructuring In Textiles Soon |
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2003-6-27 8:30:00
Government will soon initiate action to restructure corporate debt in textile industry involving Rs 18,000 crore in ailing units.
"A base paper will be ready by next week, paving the way for starting debt restructuring and swap within a month along the lines of the steel industry," textiles ministry sources said.
The base paper is being prepared by taking inputs from the industry, financial institutions, business chambers, and other stakeholders. Global consultants including Deloitte & Touche and Ernst & Young also gave their inputs.
On the basis of this paper a proposal would be drafted, which would then be sent to the finance ministry which would work on drawing up a scheme for debt restructuring of textile units.
Textile ministry is closely working with the finance ministry to
incentivise the debt restructuring scheme which is expected to bring down the non-performing assets in the sector to half.
Sources said package would also be available for profit making units which were under huge debt burden or were paying very high interest rates and wanting to switch on to low interest debt as the government was of the view that efficiency should not be penalised.
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