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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

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