The present case study is based on the turnaround stretagy of NTC. It is observed that it was not a sound strategy to have limited modernization after the nationalization of the mills and instead of giving subsidy and loans for the wages; efforts should have been made to make the individual mills viable by allowing for the import of the latest technology machinery, going in for workload agreements with trade unions, rationalisation of workers and other employees as there was excessive manpower, should have gone for the value addition instead of continuing with the traditional product and as the power cost was also very high efforts should have been made to reduce the cost of power by having energy audit etc.