Vertex to spend Rs 3,060cr on intergrated park in Maharashtra

New Delhi, Nov 10 (UNI) Vertex Spinning Ltd is developing a 400-acre integrated textile park in Dhule district of Maharashtra at an investment of Rs 3,060 crore, including a sum of Rs 120.46 crore on infrastructure development.

The company has also tied-up with 95 local entrepreneurs under work shed scheme to manufacture woolen hosiery, cotton knitted fabrics, fur, woven textiles, shawls, technical textiles, polyester in the park which will have separate units for dyeing and processing, spinning, texturing, twisting, seizing of cloth.

As per the investment agreement, Vertex and its member of integrated textile park will invest Rs 23.77 crore. While Rs 56.69 crore will be raised from banks and other financial institutions in addition to the financial assistance of Rs 40 crore from the ministry of textiles.

The company has already opened a division of the park and has acquired required land for 99 years in Nardhana industrial area of the district from Maharashtra Industrial Development Corporation.

''We have planned production of 1.6 lakh spindles and will produce 80,000 spindles in the first phase, which is scheduled to start in April 2007. In the first year of operations of the park, we expect to earn a revenue of Rs 13.36 crore,'' company CEO Suresh Sharma said.

The company had chosen Dhule as one of the cotton producing district in the Maharashtra as there is no shortage of the raw materials there, he added.

Vertex Textiles Park is joining the textiles wagon to encourage 100 more new units and will create 10,000 jobs in the area, Mr Sharma said.

The company is also looking for entering new segments of the textiles industry by taking up production of medical textile knitted, medical textile woven, geotextiles for civil engineering, waterproof-breathable fabrics, textile used in defense, textile used in transportation.

UNI PKS CS RS1522