more-inThe Puducherry government has set in motion the process of rehabilitation of the century old Anglo French Textiles (AFT) mill and two other textile mills. The meeting discussed the best options to utilise the AFT Mill, the Bharathi and Swadeshi mills. The ICRA report includes options to mobilise funds for settlement of accumulated liabilities besides revival and restructuring of the units in AFT under public private partnership (PPP) mode. The century old AFT Mill had remained closed since 2015 following mounting losses, rapid erosion of networth of the company, and prevailing labour unrest because of non-payment of statutory dues to employees. Most machineries in the AFT Mill are outdated and the newest machine was 20 years old.

Source: The Hindu April 09, 2017 20:03 UTC