Hyderabad, June 28
CHEGURU Village on the Hyderabad-Bangalore Highway in Mahabubnagar district is tipped to emerge as a textile hub. Investments of Rs 2818.16 lakh are expected for creating the necessary infrastructure in the public-private partnership venture.
The Hyderabad Hi-Tech Textile Park, a Rs 300-crore venture, started by weaver-entrepreneurs and Infrastructure Leasing and Financial Services (IL&FS), Mumbai have recently signed a Memorandum of Understanding to develop the textile hub.
The Centre has approved the State Government's proposal and will provide Rs 1848.12 lakh as assistance. The share of the AP Government will be Rs 473 lakh for providing infrastructure. The project will be set up before June 2006.
According to an official press release, the State Chief Minister, Dr Y. S. Rajasekhara Reddy, said already 125 experienced weaver-entrepreneurs have joined the Hyderabad Hi-Tech Textile Park and purchased 125 acres costing Rs 5 crore. About 300 shuttleless looms, costing Rs 150-200 crore will be set up in the first year and around 1,000 will be added subsequently.
The CM said the Centre would offer 5 per cent interest subsidy or 20 per cent capital subsidy through the Technology Upgradation Fund Scheme (TUFS) and 25 per cent subsidy on worksheds under the Group Work Shed Scheme (GWSS).