National Textile Corporation of India to close three textile factories

The National Textile Corporation (NTC) of India has decided to close two of its textile factories in Punjab and one in Rajasthan. The company took this decision after getting approval from the Financial Reorganization Industrial Commission, which had closed 12 factories affiliated with the National Textile Corporation as they could not survive independently. The three factories that have now been approved for closure are also due to the same reason. Cum, the managing director of National Textile Company, wrote a written report to the Ministry of Labor stating that the company will guarantee attractive retirement packages for laid-off workers. This is the second Kharar-based factory closed by the National Textile Corporation. Earlier, in 2003, the National Textile Corporation closed the Panipat Woolen Mill.