Textiles firms seek loan restructuring

New Delhi, Aug 7 (IANS) Apparel Export Promotion Council (AEPC) Tuesday urged the government to direct banks to restructure loans to textiles industry, which is reeling under Rs.155,809 crore debt.

In a letter to Finance Minister P. Chidambaram, AEPC chairman A. Sakthivel urged for government's support to debt-ridden textiles industry.

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.