Bangladesh Textile Mills Corporation was brought into existence on March 26, 1972 with the promulgation of the Bangladesh Industrial Enterprises (Nationalization) Order, 1972 (President’s Order No.27 of 1972 ) and started its formal function from July, 1972.

The general direction and administration of the affairs and business of the Corporation are vested in a Board of Directors. The exact administrative approach of the Corporation towards the enterprises placed under it and the range of functions to be performed by the corporation are contingent upon the policies perused by the Government. However, Article 17of the Nationalization Order sets the general tone in the following words: It shall be the function of a Corporation to control, supervise and co-ordinate, subject to any regulation made in this behalf, the activities, business and affairs of the scheduled industrial enterprises placed under it by clause ( i ) of Article 10 or, as the case may be, the industrial enterprises placed under it by an order under that clause, and to establish and develop new industrial enterprises within their respective fields. The corporation shall, in respect of any scheduled industrial enterprise, (or as the case may be, the industrial enterprises placed under it) also exercise such of the power of the Government as the Government may be notification in the official Gazette delegate to the Corporation.

The role of BTMC within Bangladesh Textile Industry has been substantially altered since denationalization of large number of public sector textile mills that took place over the last 30 years. Prior to denationalization, BTMC enjoyed nearly monopoly within the yarn and cloth market of Bangladesh and there was no competitive source for the yarn product of BTMC. Consequently the Corporation was an alert to dispose of its entire output to the domestic market. Since demand for the domestically manufactured cloth products was such that BTMC lacked the capacity to supply yarn requirement of the industry. As a result of the denationalization the market situation has changed dramatically.

At present 18 Textile Mills (22 units) of which 6 Textile Mills (8 units) are in operation under service charge system and producing different counts of cotton yarn / polyester yarn in the form of 32/1 to 80/1. Another 10 mills are under process in operation and 2 mill earmarked for setting up textile palli.

Service Charges System in the mills has been introduced on contract basis. In this system contracted parties supply of Raw Materials to respective mills at their own cost. BTMC mills produces different counts of yarn/woolen fabrics within the available technical facilities prevailing in the mills as per requirement of the parties. The mills get only a certain rate of service charge per bale from the parties. The responsibility of the marketing of finished products lies with the parties.

Among the 18 mills ,The Valika Woolen mills Ltd., Nasirabad, Chittagong is only specialized mills under BTMC, producing knitting wool, woolen suiting, Gents & Ladies woolen Shwal & woolen blanket. Most of the buyers of finished product of this mills are Govt. , Semi Govt. & Autonomous bodies of the country. Biman Bangladesh Airlines are the main buyers of the woolen Blanket.

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