Cotti to float spvs for Textile park

Kolkata, Apr 18 (UNI) The Chamber of Textile Trade and Industry (Cotti) will float SPV (Special Purpose Vehicles) to set up a Rs 500 crore Textile park under Scheme for Integrated Textile Parks(SITPs) in the city and adjoining areas.

Announcing the first ever Textile fair "Tex Vision 2007" from April 24 to 26 in West Bengal, Cotti president Muralidhar Khaitan said the textile park would be completed by 2008.

Mr Khaitan said the proposals for the project had already been sent to state and Central governments.

''We have asked for more than 100 acres of land but do not know how much will be feasible for the government due to the recent land acquisition issues,'' he said adding that they have demanded for land within 30 km radius from the city.

Under the SITP, the textile ministry provide infrastructure facilities such as roads, electricity supply including captive power plants and telecom lines to firms willing to set up textile units.

''West Bengal was earlier a pioneer in textile production but it has witnessed severe setback in the last three decades and hence the government should take initiative to revive several textile mills,'' Mr Khaitan said.

There were about 70 mills in the state which have been reduced to only seven at present.

Asked about the reason for the closure of these mills, Mr Khaitan said, ''West Bengal was not a cotton producing state and the recent atmosphere not at all condusive for setting up new mills.'' Government is all set to set up two such parks in Salt Lake and Ultadanga here.

''These parks are expected to make the Indian garment industry competitive in global market,'' he said.

Apart from making the industry cost competitive, these parks were expected to enhance manufacturing capacity of the Indian textile sector.

With a turnover of Rs 2,500 crore in the textile industry in the state, Cotti exports Rs 250 crore textiles per annum.

The Centre has assured a subsidy of Rs 40 crores and the rest would be borne by the entrepreuners of the Cotti.

UNI