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

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search