55% textile MoUs inked by UP 2 years ago on fast track

02 Nov '20

2 min read

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Work is under way on 39 out of 66 (55 per cent) memoranda of understanding (MoUs) signed two years back by the Uttar Pradesh government, state investment minister Sidharth Nath Singh said recently responding to opposition Samajwadi Party chief Akhilesh Yadav’s question on the status of MoUs signed during the 2018 Investors Summit. Setting up more textile hubs is on fast track, he said.

Six textile parks will be set up in the public-private partnership model for which tenders have been floated and bids have been received, said Singh.

Around 27 MoUs have been declared inactive by the department and removed from its portal. Among others, land needs to be allocated for five units and these cases would be resolved at forthcoming Invest UP meet. These five units will usher an investment of ₹36.36 crore and generate employment for 670.

Three other projects have begun initial work. Noida Apparel Export Cluster has acquired 55 acre where 70 units are expected to come up. The promoter of the Koshikala unit in Mathura has received approval for ₹300-crore loan while the investor in a textile park in Bareilly has managed to acquire land.

Eleven units have already begun production with an investment of ₹641 crore while construction has started on nine. These will bring an investment of ₹192.65 crore. Another 11 units have already acquired land and will start construction soon. Their total investment is ₹1,412.7 crore, Singh was quoted as saying by a leading Enlgish-language daily.

Units that have already started production are in Noida, Gorakhpur, Bulandshahr, Ghaziabad, Kanpur Dehat, Badayun, Amroha and Kanpur.

Fibre2Fashion News Desk (DS)

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