MIDC WILL DEVELOP A TEXTILE PARK IN MALEGAON

India News

MIDC WILL DEVELOP A TEXTILE PARK IN MALEGAON

August 18, 2017



Maharashtra government is planning to develop an integrated textile park on the sprawling 345 hectare of land in Malegaon. The government took a decision to hand over the land to the state undertaking Maharashtra Industrial Development Corporation (MIDC) on Thursday.

State industries minister said ‘The proposed park will be developed on the theme of Cotton to Cloth, Farm to Fashion. The integrated textile park will house units from weaving, spinning, garmenting segments. The investment of Rs 1 lakh crore is expected, and 10,000 jobs will be created there.’

He also informed that the objective is to strengthen linkages that would take into account farmers who produces cotton, to spinning of yarn, to ready-made garments in industrial units, complete with innovative design and marketing. The MIDC will develop common effluent treatment plant at the Malegaon integrated textile park. According to minister investors will get both physical and fiscal incentives envisaged in the state’s textile policy. The government’s strategy is to ensure increased participation by the investors in the state's textile industry.

The capital subsidy is given to self-financing textile projects — spinning mills, cotton ginning, processing and printing units, which will get 35 per cent capital subsidy, technical textiles and composite units, which will be given 30 per cent capital subsidy, and power looms and other textile related units, which will get 25 per cent capital subsidy. The state government has already reduced the premium on MIDC land to encourage investors to invest in these parks.Similar integrated textile parks were proposed at Amravati, Majalgaon, Chikhli, Akola, Naldhana, Parbhani, Yavatmal, Aurangabad and Nanded.