Apparel exporters ask FM for loan restructuring

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SME Times News Bureau | 08 Aug, 2012
Apex apparel exporters body, Apparel Export Promotion Council (AEPC), Tuesday wrote to the Finance Minister, P Chidambaram asking him to direct banks to restructure loans to textiles industry, which is reeling under Rs.155,809 crore debt.

In his letter, AEPC Chairman Dr. A Sakthivel, remarked that the textile and garment industry needs support from the Centre in an important matter.

Sakthivel requested the finance minister to direct the Reserve Bank of India to issue necessary guidelines for restructuring loans of textiles firms.

"Textiles and garment industry needs your helping hand in an important matter," Sakthivel said in the letter.

According to textiles ministry, total outstanding debt of textiles sector is Rs.155,809 crore, of which debt of Rs.35,000 crore needs restructuring.

"Government directions to banks to consider this on priority would be issued in this regard," AEPC chairman said.