A Special Purpose Vehicle (SPV) will be set up for the implementation and funding of a mega textile cluster near Hootagalli on the outskirts of Mysuru, according to a newspaper report.
Mysuru MP Pratap Simha said the project will receive Rs 50 crore by way of central grant and an additional 25 acres of land is being identified for expansion of the cluster. A sum of Rs 30 crore has been earmarked as initial investment for the project.A Special Purpose Vehicle (SPV) will be set up for the implementation and funding of a mega textile cluster near Hootagalli on the outskirts of Mysuru#
At a Vendors' Meet in Mysuru, Simha said the work on the textile cluster is expected to commence soon and would boost the Government's Make in India campaign.
The textile cluster is expected to help generate additional employment in the region and fuel the local economy. Local cotton farmers will also have a ready market closer when the textile cluster becomes operational and will not have to bother about transporting bulk supplies to textile units in Tamil Nadu as they are doing now. (SH)
Fibre2Fashion News Desk – India
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