Home / Knowledge / News / Textiles / Maharashtra's New Textile Policy attracts Rs. 15.5bn EoIs
Maharashtra's New Textile Policy attracts Rs. 15.5bn EoIs
28
Apr '12
The Government of Maharashtra has received expressions of interest (EoIs) worth Rs. 15.5 billion for new investments after the western Indian state announced the New Textile Policy aimed at development of the sector in the cotton-growing regions of the state.

Maharashtra Textiles Minister Mohammed Arif Naseem Khan said the government has received EoIs from five private sector companies for setting up textile processing units in North Maharashtra, Vidarbha and Marathwada regions of the state.

He informed that his Ministry has received Rs. 3.5 billion investment proposals from Ginnie International and Oswal Spinning and Weaving; Rs. 3 billion investment proposals from Aegen Industries and Itco Spinners Pvt. Ltd.; and a Rs. 2.5 billion proposal from Praveen Shelley.

The Minister further said that the five companies are in the process of identifying suitable land to begin setting up their projects in the state.

He stated that the investors do not have to take any permission from the government and can go ahead with their projects after acquiring the land and taking approval from banks for financing their projects.

He said once the banks approve the projects for financing, the banks will inform the government of the same. The government will then release interest subsidy of 12.5 percent and capital subsidy of 10 percent through the banks.

The private sector companies will, however, have to establish their textile units in 12 months time, the Minister said.

Mr. Khan stated that the 12.5 percent interest subsidy will also be applicable to all textile processing units all across the state.

Separately, the state government will provide an additional capital subsidy of Rs. 90 million or 9 percent, whichever is higher, to each of the 14 textile parks approved by the Central Government to be set up in the state, he said.

He informed that the Centre has announced Rs. 400 million or 40 percent as capital subsidy for each textile park.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search