The Uttar Pradesh Under the Prime Minister Mega Integrated Textile Region and Apparel Plan (PM MITRA), the cabinet has approved the construction of a textile park close to Lucknow.
The department of handloom and textiles will receive a free transfer of around 1,000 acres of land in order to establish the park. An official announcement stated that land from Lucknow and 259 acres from Hardoi will be used to create the park.
According to the official announcement, a total investment of Rs 10 crore would be required for the project, of which 51% will be covered by the state government and the rest 49% by the federal government.
For the textile park, a special purpose vehicle (SPV) will be set up. The unique function car will be established under the 2013 Company Act. Its CEO and chairperson shall be the additional chief secretary or principal secretary of the textile department and the secretary, textiles, government of India.
A master developer will be chosen when the SPV has been established, and the park will be developed via the private-public partnership (PPP) method. The estimated cost of the project is Rs 1,200 crore.
