The Maharashtra Government is giving an additional capital subsidy of 9 per cent or Rs 9 crore, whichever is maximum, to each of the 14 textile parks approved by the Centre. 12.5% interest subsidy will also be applicable to all textile processing units elsewhere in the state.
Meanwhile, five private sector companies have proposed to set up textile processing units in Marathwada, Vidarbha and North Maharashtra, according to the State's Textiles Minister, Mr Mohammed Arif Naseem Khan. The total investment proposals the Maharashtra Government has received are worth Rs 1,550 crore in the textile sector after the State Government announced a new policy to boost development in the cotton-growing regions of the State.
The companies, which has shown interest in investing in Maharashtra include Oswal Spinning and Weaving, Itco Spinners Pvt Ltd, Ginnie International, Praveen Shelley and Aegen Industries. These companies are hunting for suitable lands in the State to set up their projects, which are eligible for an interest subsidy of 12.5 per cent and capital subsidy of 10 per cent. The Maharashtra Government has also clarified that the incentives under the policy like the 12.5 per cent interest subsidy will also be applicable to all textile processing units elsewhere in the State.
The state will give an additional capital subsidy of 9 per cent or Rs 9 crore, whichever is maximum, to each of the 14 textile parks approved by the Centre. The Centre has agreed to provide 40 per cent or Rs 40 crore as capital subsidy to each of these textile parks.