The government of Mazandaran province in Iran will make use of foreign investment to revitalize the textile units based in Behshahr.
After a scrutiny, the government has accepted a Turkish company's proposal for reviving the Mazandaran's textile industry.
The Turkish company has already procured the necessary machinery from outside the country and is in the process of installing the same.
A new structure is being erected over an area of 120,000 square meters, and construction on 80,000 square metres has already been completed.
Further, nearly 65 percent of the stakes of a textile unit, which were owned by Bank Melli, have been conceded to the Turkish investor.
In addition, the government has extended Forex facilities to the Turkish firm to help it carry out its operations smoothly.
Owing to all these factors, the Mazandaran textile unit is already in the final phase of resuming its operations with a new outlook.
Meanwhile, the government has extended the deadline for resuming operations at Mazandarn textile units to March 2012.
Fibre2fashion News Desk - India
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