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

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Urs Stalder
Sanitized AG

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

Lynda Kelly
Suominen Corporation

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

Paolo Ocleppo
Sandvik Hyperion

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

July 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

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

Yes No

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

Yes No

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


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



X