The Hindu Business Line : Birla Cotsyn to buy 6,600 t cotton

Birla Cotsyn, part of Rs 2,500 crore Yash Birla Group (YBG), has entered into a memorandum of understanding with 5,000 farmers in Vidharbha to procure 6,600 tonnes of quality cotton. The company has recently raised Rs 144 crore through initial public offering (IPO) to fund its plan to set up integrated textile unit at Khamgaon, Ghatanji and Malkapur in Maharashtra at an estimated cost of Rs 320 crore. The move will help farmers realise better prices from the industry than to depend upon the intermediaries. Birla Cotsyn has 36,000 spindles yarn at Malkapur. Mr Baheti, Chief Executive Officer, Birla Cotsyn, said, “The production of the cotton yarn spinning at Malkapur has already started. The MoU will be beneficial to both the framers in the Vidarbha region and Birla Cotsyn.” The textile project at Malkapur has been granted the “Mega Project” status by the Maharashtra Government and will get additional fiscal benefits over the next seven years.

— Our Bureau

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