The National Textile Corporation Limited (NTC) is a Central Public Sector Enterprise under the Ministry of Textiles which was incorporated in April 1968 for managing the affairs of sick textile undertakings in the private sector, taken over by the Government. Starting with 16 mills in 1968, this number gradually rose to 103 by 1972-73. In the year 1974 all these units were nationalized under the Sick Textile Undertakings (Nationalization) Act 1974. The number of units increased to 119 by 1995. These 119 mills were controlled by NTC Ltd with the help of 9 subsidiary Corporations, with an authorized capital of 10 crore (US$1.81 million) which was raised from time to time and which is now about 7,000 crore (US$1.27 billion) and the paid up share capital of the corporation is about 4,000 crore (US$ 727 million). Looking to the reduced number of mills and in line with the contemporary industry?s trend all 9 subsidiary companies have been merged with NTC Head office, located at New Delhi, making it into a single Company with effect from 01.04.2006.