COTTON CORPORATION OF INDIA SIGNS MOU WITH MINISTRY OF TEXTILES

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A Memorandum of Understanding (MoU) was signed by Shri S. B. Mohapatra, Secretary, Ministry of Textiles, and Shri Vishwa Nath, Chairman-cum-Managing Director, Cotton Corporation of India Ltd. (CCI) for the financial year 2003-04. CCI has committed sales of 9 lakh bales of cotton and profit before tax, interest and depreciation of Rs. 25 crore. CCI has also undertaken to bring down Sundry Debtors. In the MoU, CCI has also undertaken to increase its sales to private sector mills, process larger number of contamination-free cotton bales and ensure completion of projects sanctioned under Technology Mission on Cotton at a faster pace.

Over all, Indian Railways will be spending Rs.17000/- crores under SRSF to replace some of its ageing assets till 2006-07.