Textile Units Up For Sale?

A good number of textile millers have put their units on sale in the city, saying the high cost of doing business had hit hard to their viability. “We are left with no option but to sale out our units at throwaway price,” said one miller who is unable to pay his electricity bill. “Not only are the electricity bills but many mills not able to pay salaries to their staff and daily wagers,” he added.
However, the textile industry circles have pointed out that inefficiency and lethargic attitude of the millers has also played role in making them unviable amidst challenging situation. “It demands hard work and only those would succeed who would offer their sweat and blood to their businesses,” said one senior leader of APTMA. It is worth noting that a good number of textile millers have placed advertisements in newspapers, offering their concerns to the interested investors. Meanwhile, there is a beeline of the technical staffers of these mills at the DISCOs asking for instalments of their skyrocketing electricity bills.
Initially, said the industry sources, the vibrant and efficient mill owners were taking interest to buy the sick units of their colleagues. They are in the process of negotiations with the sellers at present. One vibrant miller said he would prefer to buy the sick unit instead of taking it on lease. “Some two to three owners of sick units are contacting me for the sale of their units,” he said and added he was more interested in buying a manufacturing unit than having it on lease. It may be noted that APTMA had urged the government to bail out the industry and Prime Minister Nawaz Sharif was set to announce the textile package next week.