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MoU between Abhishek Corp & Maharashtra Gov for Yarn Dyed Shirting Fabric project
06
Feb '09
Abhishek Corporation Ltd, a textile and construction Company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, respect of its Mega Project of "Yarn Dyed Shirting Fabric" with the capacity to produce about 8 million mtrs yarn dyed processed fabric per annum.

Signing ceremony took place in the presence of CM Shri. Ashok Chavan, Minister of State for Industry, Shri. Rana Jagjitsinh Patil, Chief Secretary, Mr. Johny Joseph as well as other Ministers and, MLAs and other officials. MoU was signed by Mr. Anasaheb R Mohite, Managing Directror, Abhishek Corporation Ltd with Mr. A M Khan, Principal Secretary (Industries). Mr. Abhish Mohite, Director (Marketing & Strategy) of the Abhishek Corporation Ltd with other senior officers was present at signing ceremony.

Speaking on the occasion the Chief Minister, Mr. Ashok Chavan, congratulated Mr. Anasaheb Mohite, Managing Director, Abhishek Corporation Ltd on the launch of this venture which coluld be a boon not only to the state of Maharashtra but the country as a whole. He added that Maharashtra is India's leading investment destination & continues to attract high investments, especially in manufacturing sector. He highlighted that this MoU was yet another example of the proactive steps taken by the Government of Maharashtra for attractive investments into the state through new ventures and projects.

He said that this 'state of the art' project will bring in prosperity, name and fame to the State and earn foreign exchange for the Country. It will also provide employment opportunities to the people of surrounding village and business to ancillary units and supplier units.

Chief Secretary, Mr. Johny Joseph welcomed investment of Abhishek Corporation Ltd Maharashtra and assured full support to the Mohite Group. Added that investment climate has become highly positive in the state with several big players making sizeable investment in the state. Principal Secretary (Industries), Mr. A M Khan, said that the Textile industry occupies a unique place in our country. It accounts for 14% of the total Industrial production and contributes to nearly 30% of the total exports and is the second largest employment generator after agriculture. Building on existing strengths in this sector, this project will give a further boost to the textile industry in Maharashtra and bring in prosperity to the nation.

After the phasing out of quota regime under the multi-fibre pact, India can envisage its textile sector becoming $100b industry by 2010. This will include exports of $50b. The proposed targets would be achieved with the active participation of the Industry and the Government with mutual support and understanding, working towards a common goal.

Mr. Anasaheb Mohite, Managing Director, Abhishek Corporation Ltd expressed his gratitude to all the dignitaries for their valuable time and promised that he will put his best efforts to ensure the success and growth of his Company. He reiterated his commitment towards 'Quality with Consistency' which has been his golden principle in his journey to success. He explained about the scenario in US and Europe, wherein spinning, weaving units etc are being closed down as they are unviable due to the high" cost of employment and the competition from the developing nations. Therefore there is a vast potential for development of this industry in India.

India has been one of the major exporters' along with China in respect of textile goods. He said that Indians are skillful, intelligent and versatile and this is the trait which is the key to success for any industry. He further added that the commercial production will go on full stream by March 2009. This Mega Project envisages installation of integrated manufacturing facilities including 108 looms & processing / finishing facilities for 21.60 million mtrs (per annum) of fabric.

Abhishek Corporation Ltd has carried out indepth market survey for the product to be manufactured -namely yarn dyed shirting and has sourced the machinery from world leaders from Belgium, Italy, Switzerland & Germany. This set up will enable Abhishek Corporation Ltd to create a brand image for itself to compete with leading European brands in this field.

Abhishek Corporation Ltd

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