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Losing units eating up BTMC fund

By Inam Ahmed
Bangladesh Textile Mills Corporation (BTMC) is facing an acute shortage of working capital due to continuous supply of raw cotton on credit to some low performing units, according to concerned sources.
The Corporation has supplied cotton worth Taka 120 crore on credit to 12 textile units. On the other hand, the chronic loss-making of the same units has contributed to the dwindling of working capital.
The liquidity crisis had also disrupted the normal supply of cotton to the units. However, none of the units had ever been closed as claimed by the
Bangladesh Suta-Bastrakal Sramik Federation, they said.
Meanwhile, the BTMC authorities have floated short tenders for local and international procurement of raw cotton.
Sources said that the tenders could not be floated earlier due to the fund crisis and also because of high international price of cotton. With the harvesting season, the price of cotton will be cheaper, they said.
Under the international tender, about 30.000 bales of different staple lengths of yarn would be procured to meet the Immediate shortfall.
In addition to these problems, the BTMC is also paying Taka two crore every month as additional wages and salaries to its surplus manpower.
At the same time, most units becoming obsolete arc now not able to meet their production targets.
Sources substantiated the fact by the example that while Sundarban Textile Mills, a comparatively modern one could produce about four otinces of yarn per spindle tn a shift, the Olympia and the Dhaka Cotton Mills could hardly produce half the quantity-
Sources further said that full-swing smuggling of cloth and yarn had again started putting the local products in an uncompetitive situation.
The sale of both yarn and fabrics of BTMC has now come down to 50 per cent of its previous records on an average. The Corporation now sells about 7,000 bales of yarn and cloth per month as against 12,000 bales previously.
Sources said that during the •push in' and liabri Mosque incidents, smuggling halted temporarily and as a result, BTMC’s sales picked up by about 1,000 bales a month.
At present, the BTMC is facing stagnation with its huge slock of yam and cloth worth Taka 185 crore aa of December 15.