Seven mega industrial estates will come up under the entire textile value chain, touted as Textile Park, at the cost of Rs 4,445 crore, in the district, the government has confirmed. The ambitious industrial project, which has been approved under the PM Mitra scheme, will be set up over 1,000 acres of land at KoomKalan village in the industrial capital of the state as a joint venture between the Centre and Punjab, the officials have said.
Sharing details, Director-cum-Secretary, Industries and Commerce, Sibin C told The Tribune that the project will be established over a period of five years up to 2027-28 at the cost of Rs 4,445 crore, which has been approved under the scheme.
He said a special purpose vehicle (SPV) with 51 per cent equity from the Punjab Government and 49 per cent from the Central Government will be set up by the state government for implementing the PM Mitra scheme project. The state government will transfer the land at notional price to the SPV.
Of the total 1,000 acres being offered by the state government for Textile Park, the Greater Ludhiana Development Authority (GLADA), is owner and in possession of 957.39 acres of land, of which, 81.06 acres of land is under judicial proceedings. “The remaining land will be acquired by GLADA and will be made available before the commencement of the project,” he disclosed.
A project approval committee, comprising Union Textiles Secretary and Union Textiles Ministry Financial Adviser as members, Union Textiles Additional Secretary/Joint Secretary as member convener, and representatives of the NitiAayog and Union Department of Industry and Internal Trade (DPIIT) as members, has been constituted to approve the proposals received for the setting up of units at Textile Park.
Divulging the support from the Centre for the mega industrial project, Sibin said the Union Government will extend Development Capital Support (DCS) at 30 per cent of the project cost with a maximum of Rs 500 crore for greenfield projects and Rs 200 crore for brownfield projects.
