Indian Cotton Textile Companies Losses May Affect Banks
Textile Industry News Article Posted
January 19, 2012

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According to a recent article in the Financial Express, the cash losses being run up by the Indian cotton textile companies will hit their debt servicing capacity, creating more pain for Indian banks. The current exposure of the banks to the textile sector is more than R6,000 crore.

The article goes on to mention that in a recent report, Fitch Ratings noted that while the Indian government's debt restructuring proposal for the textile sector will provide temporary relief from liquidity pressure, it will not stem deterioration in the capital structure of cotton textile companies, most of which are heavily geared.

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