National Textiles seeks KPMG help for restructuring

The ailing National Textiles Corporation which has been incurring losses since 1974 has sought the aid of the renowned consulting firm, KPMG to turn its fortunes around. The three-point turnaround plan proposed by the consulting firm aims to restructure NTC technologically, financially and organizationally. The estimated cost of this plan to modernize the state run enterprise is estimated to be Rs. 1,100 crore. Recently, NTC sold five of its textile mills in Mumbai to raise money for reducing its debt and financing the Voluntary Retirement Scheme to streamline its workforce. The company has also entered into joint ventures with as many as 11 private entities to explore new business areas.