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Our Bureau

Mumbai, Nov. 14 Bangalore-based Bombay Rayon Fashions Ltd plans to invest Rs 1,100 crore in Maharashtra for setting up fabric and garment making facilities. To this effect, the company signed a memorandum of understanding with the State Government on Tuesday.

New facilities will come up at Tarapur, Islampur, Ichalkaranji, Latur, Nanded, Osmanabad and Amravati.

“About 32,000 direct and 50,000 indirect jobs will be created, specifically for women of the region,” said Mr Prashant Agarwal, Managing Director of Bombay Rayon.

The first factory will come up in Ichalkaranji in three months with 12,000 machines. Operations will commence in all other facilities by September 2008, Mr Agarwal said.

While the company has Rs 400 crore as equity capital, the balance will be obtained as debt, which has already been tied up. Yarn dyeing and fabric processing will see an investment of Rs 450 crore each while garment manufacturing will get Rs 200 crore.

Speaking on the occasion the Chief Minister of Maharashtra, Mr Vilasrao Deshmukh, said that the company has also decided to set up a manufacturing unit based on the organic cotton produced in Amravati district in the Vidarbha region.

In order to integrate cotton produced in Vidarbha with the textile industry value chain, Special Economic Zones with focus on textiles would be promoted in the region by the State Government.

Altogether 12 SEZs will come up in the area, he said.

“There is no need to acquire fresh land for the SEZs in Vidarbha. The Maharashtra Industrial Development Corporation is already in possession of land, which was acquired years ago. Ever since the land was acquired, locals have been demanding for more industries,” Mr Deshmukh said.

More Stories on : New Projects | Textiles | Maharashtra

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