The final stage of efforts to obtain a Rs. 70-crore loan from the National Cooperative Development Corporation to boost the textile industry’s productivity has been announced by Industries Minister P. Rajeeve.
The Minister stated that Rs. 10 crore had been approved for the purchase of premium cotton through the Cotton Board in response to a calling attention motion made by K.P.A. Majeed, MLA, in the Assembly regarding resolving the issues faced by KEL (Kerala Electrical and Allied Engineering Co. Ltd.) and Edarikode Textiles, a spinning mill. Additionally, Rs. 9.5 crore had been set aside for the Cotton Board. This would make it possible to store cotton to guarantee raw material availability and buy high-quality cotton during price reductions.
In 2021–2022, two automatic cone winding machines were imported for Rs. 5.4 crore. This was done in an effort to improve the Edarikode mill’s efficiency, along with the Cotton Board’s provision of raw materials.
The Minister stated that the business plans for all units, including KEL, for the current fiscal year were prepared in order to enhance the efficiency and profitability of public sector entities. Additionally, KEL was getting orders on a rate contract basis from other States. According to the Minister, efforts were being made to provide the necessary capital needed to promptly comply with the directives from other financial institutions.
