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Govt retakes eight mills as private operators fail

Failure to create jobs, long closure, mills’ conversion construed as breach of deals


Monira Munni | September 05, 2017 00:00:00


The government has taken back eight jute and textiles mills from their private entrepreneurs as the latter breached the major terms and conditions of privatisation, officials said.

Failure to create jobs, keeping mills closed for long time, converting some of the divested mills into different production units and even selloff of land are construed as a gross breach of the deals.

In 2017, a total of six mills were taken back with the latest reacquisition of Fouzi Jute Mills at Ghorasal in Narsingdi and Madaripur Textile Mill in mid-July.

The rest of the renationalised mills are Kokil Textile Mills Limited in Brahmanbaria, A R Hawlader Jute Mills Limited in Madaripur, Eagle Star Textile Mills Limited in Chittagong, Jalil Textile Mills Limited in Fouzdarhat, Chittagong, Dhaka Jute Mills Limited and Gausia Jute Mills Limited in Dhaka.

The last two were taken back in 2015, according to the officials.

One of the main objectives of handover of the mills to private sector is to create employment, which has not been met for long closure of the mills, a ministry official said.

Besides, the mills' authorities did not clear the dues to Bangladesh Jute Mills Corporation (BJMC), Bangladesh Textile Mills Corporation (BTMC) and other financial institutions as per the agreements signed with them, he explained.

The government, in October 2014, had decided to take over the mills from the companies which violated terms and conditions of privatisation.

"We are now executing the decision," he said, as the reversal of failed privatisation proceeded.

Another ministry official said the government was taking back the mills which had remained closed for years.

"The government has plans to reopen the mills under public sector, and after taking back the errant mills, we will take necessary measures as to how to reopen the mills," he added.

Some of the mills had remained closed for many years while owners of some others converted those into other production units, which they were not authorised to do.

Even, he went on explaining the reasons for government action, a few of them transferred the ownership to others.

As per directive from the Prime Minister, the textiles and jute ministry took initiative to bring back 69 privatised mills that had violated conditions, according to the officials.

Ministry officials have already visited 47 of the mills and prepared report on their latest status.

Since 1982, the government had privatised 134 jute and textiles mills and most of the buyers violated terms and conditions of the privatisation, they added.

munni_fe@yahoo.com


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COMPANY YCP HIGH LOW CLOSE %CHG
NTLTUBES 110.0 121.0 111.6 119.8 8.9091%
FINEFOODS 35.5 39.0 34.8 38.4 8.169%
UPGDCL 304.9 331.5 305.0 324.4 6.3955%
REPUBLIC 28.4 30.4 29.0 30.0 5.6338%
STYLECRAFT 3512.7 3688.3 3570.9 3688.1 4.9933%
ICBAMCL2ND 6.6 7.0 6.5 6.9 4.5455%
ICBAGRANI1 6.9 7.2 7.2 7.2 4.3478%
NAHEEACP 80.6 85.9 80.8 83.8 3.9702%
ATLASBANG 127.0 133.0 127.0 131.0 3.1496%
PRAGATILIF 129.4 138.0 117.0 133.4 3.0912%
COMPANY YCP HIGH LOW CLOSE %CHG
FINEFOODS 38.8 39.0 34.8 36.0 7.7778%
NTLTUBES 119.0 121.0 111.6 112.5 5.7778%
UPGDCL 321.8 331.5 305.0 305.1 5.4736%
EBL1STMF 7.5 7.7 7.2 7.2 4.1667%
PREMIERCEM 77.7 77.7 75.1 75.1 3.4621%
ISLAMIINS 21.4 21.8 20.7 20.7 3.3816%
RELIANCE1 9.5 9.5 9.2 9.2 3.2609%
ATLASBANG 131.1 133.0 127.0 127.0 3.2283%
STYLECRAFT 3682.6 3688.3 3570.9 3571.0 3.1252%
ICBAMCL2ND 6.8 7.0 6.5 6.6 3.0303%
COMPANY YCP HIGH LOW CLOSE %CHG
ETL 15.0 13.0 9.9 10.4 -30.6667%
INTECH 66.8 67.0 60.2 60.5 -9.4311%
MLDYEING 22.8 23.5 20.8 20.9 -8.3333%
KPCL 130.9 131.6 118.0 121.0 -7.563%
VFSTDL 28.7 28.8 26.1 26.6 -7.3171%
PDL 18.1 18.0 16.5 16.8 -7.1823%
PRIMETEX 31.8 32.0 29.3 29.6 -6.9182%
POPULARLIF 119.4 120.0 110.0 111.3 -6.7839%
HRTEX 43.6 44.1 40.3 40.7 -6.6514%
SAFKOSPINN 21.1 21.6 19.5 19.7 -6.6351%
COMPANY YCP HIGH LOW CLOSE %CHG
ETL 10.5 13.0 9.9 13.0 -19.2308%
SHURWID 22.1 25.0 22.1 24.6 -10.1626%
INTECH 60.2 67.0 60.2 67.0 -10.1493%
CVOPRL 155.1 172.5 155.1 172.0 -9.8256%
KPCL 119.1 131.6 118.0 131.6 -9.4985%
MLDYEING 21.0 23.5 20.8 23.2 -9.4828%
SAFKOSPINN 19.7 21.6 19.5 21.5 -8.3721%
METROSPIN 8.3 9.0 8.3 9.0 -7.7778%
POPULARLIF 110.3 120.0 110.0 119.0 -7.3109%
VFSTDL 26.7 28.8 26.1 28.8 -7.2917%