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Our Bureau

Mumbai , Feb. 15

ITALIAN company Carrera Holdings Inc is to invest Rs 500 crore in the Sholapur and Kagal areas of Maharashtra.

It signed a strategic partnership agreement with the Maharashtra Government recently in Mumbai.

Carrera will invest Rs 125 crore in a garment-processing house at Chincholi, Sholapur and create a loom and finishing machine manufacturing facility at Kagal-Hatkalangale for Rs 300-350 crore. According to Mr Vivek Jecob, Chairman and CEO of Carrera Holdings, once ready the facilities will employ more than 12,000 people in the area.

The Maharashtra Industrial Development Corporation has agreed to make available 20 hectares of land at Sholapur and 30 hectares of land at Kagal. It has assured the company of infrastructure facilities such as water supply, road connectivity and effluent treatment plants.

Carrera will also set up industrial services such as a Millennium Business Park at Mahape; a textile cluster that will include a weaver and apparel park in Chincholi; a processing and finishing house in Sholapur; a services unit in Vashi and Mumbai and retail projects.

A special purpose vehicle is also being created where the Maharashtra Government will hold a 34 per cent-cashless-equity stake and Carrera and its sister holding will have 66 per cent. The SPV was also created to ensure the company got single window clearance.

For the Italian company, the State offers a number of advantages — it produces medium staple cotton, which comprises over 90 per cent of the company's raw material requirement.

Mr Jecob added that Maharashtra was chosen over China because there was no clarity in corporate law in China and the language barrier was too great.

About Carrera, Mr Jecob said that the company had 92 per cent recognition rate and it had 14 million customers a year. He added that while the textile segment in Europe witnessed a negative growth of 17 per cent, the Italian firm had gained 30 per cent.

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