Apparel exporters seek help in loan restructuring

The Apparel Export Promotion Council (AEPC) on Tuesday wrote to Finance Minister P. Chidambaram seeking his help on loan restructuring for the textiles industry. Citing Textiles Ministry data, AEPC said out of the total outstanding debt of the textiles sector of Rs 1,55,809 crore, debt of Rs 35,000 crore needed restructuring. AEPC Chairman A. Sakthivel in his letter said, the Department of Financial Services had already recommended to the Reserve Bank of India to bring out directions to help restructure the loans. “However, RBI has not issued directions … The industry requests your good office in asking the RBI to issue clear-cut directions in this regard.”