The Hindu Business Line : Foundation stone laid for hi-tech weaving park in Namakkal dist.

THE foundation stone for the Cauvery Hi-Teach Weaving Park, one of the three powerloom weaving parks projects approved by the Centre in Tamil Nadu, was laid today in Namakkal district.

The State Finance Minister, Mr C. Ponnaiyan, who laid the foundation stone for the proposed park developed on a 45- acre site on the Salem-Coimbatore NH 47 at Komarapalayam, said that the hi-tech weaving parks planned in the State would go to enhance the quality of the fabric produced and increase the cost competitiveness of Indian companies in the global market.

The Minister also said that the ongoing loom upgradation programme being pursued by the powerloom industry would lead to conversion of all the plain weaving machines working in the State into shuttleless looms within the next 10 years.

Mr M.S. Mathivanan, Chairman of the special purpose company promoting the park, said that the Rs 120-crore park would have 100 weaver-investors participating in the project.

He was optimistic that the park would commence operation by January next year.

Once completed, the units in the park would account for a daily production of 12 lakh metres of fabric.

The promoters of the park will receive capital investment subsidy from the Centre and the State at 75:25 ratio, up to Rs 17 crore under the textile centre infrastructure development scheme, and another 25 per cent subsidy for building weavers' sheds under the group work shed scheme (GWSS).

In addition, the investment on the plant and machinery would be entitled for 20 per cent capital subsidy under the TUFS scheme.

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