India's textile and finance chiefs held top-level talks on Wednesday aimed at throwing a lifeline to the nation's troubled textile mills.

Officials met in New Delhi to discuss measures to revive scores of debt-ridden mills through the recently-formed Textile Reconstruction Fund (TRF).

The negotiations follow pressure from bosses of the Indian Cotton Mills' Federation (ICMF) and the Southern India Mills Association (SIMA) who claim up to 30 per cent of the country's cash-strapped mills could be saved.