Home / Knowledge / News / Textiles / Odisha wants SPV rule for textile parks relaxed
Odisha wants SPV rule for textile parks relaxed
28
Jul '16
The one third textile entrepreneur stipulation in forming SPVs or Special Purpose Vehicles in setting up Integrated Textile Parks (ITPs) is proving to be a stumbling block in Odisha, according to state government officials who want the centre to relax the rules for smooth implementation of the scheme.

As per stipulations, the SPV would require eight entrepreneurs one-third of which should be from the textile manufacturing sector. Finding such entrepreneurs with huge investment proposals is very difficult in a state where the textile industry is in a poor shape, observed a senior official of the state Handlooms, Textiles and Handicrafts Department.

Entrepreneurs will come forward automatically to set up their plants when an ITP is ready with the requisite infrastructure but not before that, he said implying that the Union ministry's rule on inviting proposals from textile entrepreneurs was “just not possible” in the current scenario.

The state PSU Odisha Industrial Infrastructure Development Corporation (IDCO) had in January this year participated in the expression of interest (EOI) floated by the Union Ministry of textiles (MoT) for setting up a textile park in Bhadrakh district, where land and other infrastructure is available.

Officials, who did not want to be named, pointed out that IDCO is eligible for setting up the park as it can develop the requisite infrastructure, which will be helpful for entrepreneurs. However, the MoT seems reluctant over giving in-principle approval to IDCO for ITP and has sought the list of investors in textile sector before giving the green signal.

Former Minister Manmohan Samal, who supports the proposed ITP, is also reported to have brought the matter to the notice of the Union Textiles Minister.

Meanwhile, IDCO too has floated an EOI for inviting investors in the textile parks. But state government officials are of the view that the MoT should not insist on such the list of textile entrepreneurs as a pre-requisite and should relax the rules at a time when Odisha is trying to revive the sick Orissa Textile Mills (OTM) and many other spinning mills. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search