Maharashtra Textile Minister in Gujarat to seek investment

Yesterday, the Textile Minister of Maharashtra – Mr Mohammed Arif Khan was in Ahmedabad – Gujarat seeking investments in his state from textile entrepreneurs in Gujarat, under the Textile Policy announced by the State in March, earlier this year.

Incidentally, Gujarat too released its much awaited Textile Policy – 2012 just last week, in which, it too has announced a slew of subsidies and incentives for those investing in the textile industry in the State.

Informing about the salient features of the Maharashtra Textile Policy, Mr Khan said, “12.5 percent interest subsidy would be provided without any ceiling on investment and that it would be paid on a quarterly basis for a period of seven years”.

“Additionally, 10 percent capital subsidy would be provided on new project investments in regions like Vidarbha, Marathawada and North Maharashtra. Land would be made available at concessional rates in North Maharashtra at just Rs 40 per sq metre”, the Minister informed.

Providing details of the Textile Parks in the State he said, “14 Integrated Textile Parks have been approved by the Central Government. The state will provide 9 percent capital subsidy or up to Rs. 9 crore, whichever is less for the infrastructure development in the proposed Textile Parks.

“This is in addition to the Rs 40 crores subsidy from the central government. A total investment of Rs 10,000 crore is envisaged in the development of the 14 Textile Parks, with one Park expected to house around 50 units”, he revealed.

He added, “As both the schemes are linked to the TUF Scheme, no separate sanction will be needed and the scheme will be operated through the banks as is done in case of TUFS. Sanction under TUFS shall be deemed as sanction under the state scheme”.

Speaking exclusively to fibre2fashion, the Minister, when asked about attracting investments in the burgeoning technical textiles segment said, “We already have a few proposals in hand for the segment and will also try to draw more investments in the industry”.

Updating fibre2fashion on the investments attracted by the state under the new policy he said, “Oswal Spinning & Weaving would set up a 100,000 spindles plant, ETCO Spinners a 50,000 spindles mill, Jindal Group is investing Rs 280 crore, Ginni International Rs 350 crore and Shyam Indo and Motha Spinning & Weaving too are coming up with big projects”. 

Fibre2fashion News Desk - India