National Textiles Corporation (NTC), which swung back into profit after a long hiatus, will set up three mills that will help it diversify into areas like weaving and garment making.
These 'composite' mills will be set up in Karnataka, Maharashtra and Gujarat and help NTC expand operations beyond spinning.
NTC managed to come out of red and has drawn a plan to achieve a turnover of Rs 2,014 crore by 2014, Textiles Minister Dayanidhi Maran said in a statement.
The minister has informed the Parliamentary Consultative Committee that the three greenfield mills will be set up in Karnataka, Maharashtra and Gujarat.
In 2006-07, the Board for Industrial and Financial Reconstruction had approved Rs 5,267 crore for the revival and modernisation of sick NTC mills.
Of its all 43 sick mills, 24 mills are being modernised by NTC itself and 19 mills are being modernised under the public-private-partnership mode. So far, it has completed the modernisation of 17 mills.
In 2008-09, the firm's turnover was Rs 524 crore.
Recently, NTC opened four modernised mills at Coimbatore and plans to open few more in the coming days.
"Three modernised mills of NTC at Mumbai and four mills in Kerala at Trissur, Thiruvanthapuram and Kannur will be inaugurated in the coming days," Maran said.
