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“The Government of India has taken cognizance of this problem of the dyeing industry in Tiruppur and on recommendation of the ministry of textiles, the ministry of finance has sanctioned Rs 200 crore to the state government of Tamil Nadu for the 18 CETPs as an interest free loan to be converted into grant based on the performance of the CETPs,” an official statement said.
The move will help ailing CETPs and 450 dyeing units to achieve 100 per cent capacity utilisation.
More than 450 dyeing units in Tiruppur had collectively set up 18 ZLD enabled CETPs with a total cost of Rs 1,013 crore. The project has become a global standard and appreciated by environmentalists and processing industry world over. However, being the first project of its kind the project had several technical challenges and cost overrun which put them into financial crisis due to outstanding bank loans and incomplete projects.
Welcoming the decision, Dyers Association of Tirupur president S Nagarajan said that the amount will help in mitigating the stressed assets and also in enhancing the capacities at the 18 CETPS in Tiruppur knitwear cluster.
Tiruppur is a hub of the textile processing and knitting industry providing employment to over 5 lakh persons and contributes 22 per cent of the total garment export of the country. Closure of processing industry could have hit the entire garmenting sector in the region. (RKS)
Fibre2Fashion News Desk – India
| On 30th Oct 2020
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