NATIONAL JUTE MANUFACTURES CORPORATION
National Jute
Manufactures Corporation (NJMC) is a sick company and stands referred
to BIFR since 11th August, 1992. In accordance with
direction of BIFR, a study was conducted by IJIRA regarding the
unit wise viability of NJMC mills. The study recommended that
only three mills of the Corporation are viable and that too only
in private sector. However, the government in an effort to revive
all the mills, proposed to BIFR that a mill wise revival could
be attempted through sale/transfer of the mills to workers cooperatives,
state government or private bidders, in that order. BIFR approved
the Government proposal and the Operating Agency (OA) asked for
bids through open competitive bidding. The prospective buyers
have been offered mills on the condition that the assets cannot
be alienated for ten years and interests of permanent worker shall
be protected. The offers received against open advertisement from
prospective buyers have been evaluated and placed before BIFR
in the hearing held on 4.4.2002. BIFR has not taken a final decision
in the matter.
This
was stated by the Minister of State for
Textiles, Shri
V. Dhananjaya Kumar
in a written reply in the Lok Sabha today.
