Odisha Cabinet Approves Rs 200 Cr For Settlement Of Liabilities Of Closed Textile Units
The Odisha Cabinet approved Rs 200 crore to settle liabilities of closed textile units, aiming to free up land for new industries.Summary
The Odisha Cabinet, chaired by Chief Minister Mohan Charan Majhi, approved a budgetary provision of Rs 200 crore to settle the outstanding liabilities of closed cooperative spinning mills, powerloom units, and a sizing unit operating under the state's textile sector. The decision was made following a comprehensive assessment by an Empowered Committee, which estimated total dues at Rs 361.67 crore and identified around 261.2 acres of land as assets. The government concluded that reviving the financially unviable units was not feasible and opted for liquidation. The settlement is expected to remove legal and financial encumbrances, allowing the land assets to be transferred to the Odisha Industrial Infrastructure Development Corporation (IDCO) for developing employment-intensive industrial projects, particularly in textile and apparel manufacturing.
(Source：Odisha News, Odisha Breaking News, Odisha Latest N)