Nectar Lifesciencies to set up Rs 900 crore textile project

Chandigarh, Apr 30 (UNI) Nectar Lifesciences Ltd, a leading pharma company will invest Rs 900 crore in separate textile projects in Punjab over the next three to five years.

In a meeting with Chief Minister Parkash Singh Badal here today, Nectar Lifesciences, Chairman Sanjiv Goyal offered to invest in two textile units to be set up at Garhshankar in Hoshiarpur district and at Basauli near Lalru in Patiala district.

The company has already identified about 250 acres of land at the two locations. The two units would be composite textile units conforming to global standard for manufacturing cotton and blended yarns, both grey and dyed based high quality garments.

The projects would be commissioned in two phases and the investment would be made over a period of three to five years.

The proposed composite textile mills shall have spinning, weaving, processing and woven garments divisions and the first phase would be completed with a capital of about Rs 450 crore.

The second phase, comprising spinning, knitting, processing and knitted garments divisions would also be commissioned with an outlay of Rs 450 crore. The units would have the-state-of-the-art technology.

Mr Goyal told Mr Badal that work on the first phase of the project would begin in July and be completed by 2009.

The company chairman said the present Punjab government had created conditions ''which inspire confidence for investment in the state''. Hence, the company had decided to invest Rs 900 crore in textile units to be set up by a new company-Nectar Lifestyles Limited, as composite units, he added.

The first project of the company in the pharmaceutical sector was also executed during the earlier tenure of Mr Badal, the Chairman said.

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