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Vidarbha readies for 1st textile park under SITP
02
Feb '16
The first-ever integrated textile park under the Central government's Scheme for Integrated Textile Parks (SITP) will come up in Vidarbha at Hinganghat in Maharashtra's Wardha district. According to a report in The Times of India, the Rs 108-crore project with Prashant Kumar Mohota as lead promoter is expected to generate at least 1000 jobs and provide much needed fillip to the cotton economy of the region.

Cotton is Vidarbha's is main cash crop but the place has been more in the news for farmers' suicides over the past few years. Uncertainty over prices and inability to process raw cotton up to textile and garment stages to spur demand have been the reasons for cotton belt's growing distress in Vidarbha.

Hinganghat Integrated Textile Park Pvt Ltd was incorporated on March 19, 2015, and has authorized share capital is Rs 180,000,000 with paid up capital of Rs 59,500,000. Mohotas are into textile business for a long time and will have local advantage as anchor. The plan is to set up 11 units in the integrated park spread over 32.63 acres. Of them one each will be for ginning, twisting/doubling, knitting, processing, fibre-yarn dying, garmenting, technical textiles and two each for spinning and weaving.

The total cost of Rs 108 crore shall be funded through a mix of equity/grant from Union Textiles Ministry, State Government, State Industrial Development Corporation, Industry, project management consultant and loans from banks/ financial institutions. The Centre has already released first instalment of Rs 4 crore of the grant, the report said. (SH)

Fibre2Fashion News Desk – India

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