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Tamil Nadu
Work on Karur textile park will begin in two months
G. Gurumurthy
Coimbatore
May 2
Construction work on the integrated textile park under the Central Government-aided scheme of integrated textile park (SITP) project being promoted in Karur is likely to be started in two months.
"We expect the first instalment of upfront capital subsidy of Rs 4 crore to be released by the Centre over the next few days. Once this is made, we may start the groundbreaking working at the project site," said Mr M. Sivakannan, Chairman of Karur Textile Park Ltd, the special purpose vehicle company promoting the Rs 100-crore park.
He told Business Line that the company has already acquired 110 acres for the integrated park project, which is located 10 km off Karur on the Karur-Madurai national highway.
The company has appointed IL&FS as management consultant for the project. It has set an 18-month timeframe for completing/commissioning the project.
The park proposes to have about 200 weaving machines.
There are 45 members who have invested in the project, which is intended to be developed as a modern textile park exclusively for manufacture of home textile products.
Having been approved by the Ministry of Textiles, investments to be made in the park are eligible for capital subsidy under the TUFS.
The park is likely to see a cumulative investment of around Rs 300 crore.
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