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Two textile parks under SITP to be set up in Odisha

YarnsandFibers News Bureau 2014-07-07 11:30:00 – BHUBANESWAR

The state government has recently received a letter from the Union Ministry of Textiles seeking proposals for development of Textile Parks which the state was aiming to set up at least two textile parks under the Scheme for Integrated Textile Parks (SITP) of Union government during the 12th Five Year Plan. Under this scheme, the government provides grant or equity limited to 40 percent of the project cost, subject to a ceiling of Rs 40 cr.

 

Out of the two interested players proposing for projects with an investment of around Rs 100 crore each, so that they will get the maximum benefit under the scheme, one is seeking partnership from the State, while the other wants to set up from own investment.

 

However, for each ITP, there will be a separate Special Purpose Vehicle (SPV) formed with representatives of local Industry, financial institutions, State and Central government. While each of the textile parks will require 40 to 50 acres of land, as around 50 units will be set up in each complex.

 

The State government would be providing requisite clearances and necessary assistance for power, water and other utilities to the ITP.

 

In 2005, the SITP was launched, under this scheme new textile parks of international standards at potential growth centres can be set up, which provides the textile industry with world class state-of-the art infrastructural facilities for setting up their textile units and also facilitates these textile units to meet international environmental and social standards.

 

This SITP also envisages engaging of a panel of professional agencies for project identification and execution.

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