Vijayawada: AP Textile Mills Association president Lanka Raghurami Reddy expressed concern over the financial crisis the spinning mills industry was facing and announced closure of the spilling mills for 15 days beginning from Tuesday.
Speaking to the media here on Monday, he appealed to the Centre to withdraw cotton from commodities Multi Commodity Exchange of India Ltd (MCX) online trading and also asked the AP government to clear interest and power waiver arrears.
He said that so far, the AP government had cleared Rs 237 crore while an amount of Rs 1,400 crore was still due to be cleared.
He said the spinning mills were functioning with only 50 per cent capacity and they were going to close them down for 15 days and added that nearly 2.50 lakh worker were spending upon the industry for their survival directly or indirectly.
