Banking & Financial Services
15 DAY SHUTDOWN FOR SPINNING MILLS DUE TO FINANCIAL CRISIS
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The president of AP Textile Mills Association, Lanka Raghurami Reddy, announced a closure of the spinning mills due to the ongoing financial crisis faced by the mills. The mills will be shut down from 11th October, Tuesday for a period of 15 days. He asked the AP government to clear all interests and power arrears. He further appealed the centre to withdraw the cotton from commodities Multi Commodity Exchange of India Ltd. (MXC).
While talking about the financial crisis he highlighted that the AP government had cleared Rs 237 crore, but is yet to clear Rs 1,400 crore which is due. He further said that the spinning mills were functioning at half the capacity and would be shut completely for the next 15 days.