40 sick spinning mills in Karnataka down shutters

All in all 40 spinning units in Karnataka including 37 private sector units have been closed down after turning sick.

The Karnataka State assembly was informed regarding this closure by State Minister for Textiles Varthur Prakash who informed that after 40 mills ceased operations due to financial constraints, now there are 66 mills functional in the state which includes 11 in the cooperative sector.

Apprising about the steps initiated by the state government to improve the financial condition of the spinning units functioning in the cooperative sector, the Minister said that National Cotton Development Corporation (NCDC) extended financial aid to these mills, and added that the Hulakoti based Gadag Cooperative Spinning Mill was provided a sum of Rs. 73.6 million to make it economically viable.

Mr Prakash further informed that the government also allocated Rs. 135 million for revitalization of the Banahatti based Banahatti Co-operative Spinning Mills.

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