The Hindu Business Line : Ackruti City to set up Rs 300-cr textile park

Mumbai, Nov. 24 Mumbai-based real estate developer Ackruti City plans to set up an Rs 300-crore textile park on 60 acres in suburban Biwandi near here.

A special purpose vehicle has been created for the purpose. The project is slated for completion in a year.

Bhiwandi has traditionally been a textile hub and said to account for over 33 per cent of the total weaving production in the country.

The project will be eligible for an Rs 40-crore central subsidy as it comes under the Textile Ministry’s scheme for integrated textile parks.

Ackruti said unit holders of the textile park qualify for various Central assistance such as 20 per cent margin money subsidy for power looms for the small-scale industries (SSIs), 15 per cent margin subsidy for SSI textile and jute sectors.

This is besides a five per cent interest reimbursement for all textile units even if the ceiling limit of investment in plant and machinery exceeds Rs 2 crore.

State subsidies include a 25 per cent tax reimbursement for seven years up to 30 per cent of fixed capital and subsidy on interest actually paid to banks for the first four years up to a ceiling of Rs 10 lakh.

Exemptions for power, stamp paper waiver and Octroi exemption of up to 100 per cent of fixed capital are other incentives that the unit holders are eligible for.

Micro, small and medium manufacturing enterprises can avail themselves of additional benefits as well.

Mr Hemant Shah, Chairman Ackruti City, said, “We have a rich legacy of creating specialised industry parks for IT and biotechnology.

These facilities provide ready to move in convenience and cater to individual industry needs.”

More Stories on : Infrastructure | Textiles | Maharashtra

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