Published On : Tue, Jun 25th, 2013

‘Advantage Vidarbha’ starts paying dividends, Textile unit expansion plan on cards

Nagpur News:  ‘Advantage Vidarbha’, an initiative by Maharashtra government in February this year to invite and attract potential investors into this backward region of Maharashtra has started paying dividends with some big companies setting up their units there.

After public sector undertaking, Bharat Heavy Electricals Limted , launched its equipment manufacturing unit in Sakoli in neighbouring Gondia district recently, its now the turn of textile giant Raymonds to set up a new unit in Vidarbha.

Raymonds, which had announced its expansion plans in the region during Advantage Vidarbha, was allotted 25 acres of land early this month for the purpose in Yavatmal district where the company already has a major presence, Maharashtra Minister for Textile Mohd Arif Naseem Khan said.

The expansion plan of Raymonds may involve infusion of fresh capital in the range of Rs 300-400 crore by the company.

“Vidarbha is expected to get much-needed boost with a fresh investment of Rs 3,000 crore likely in textile sector through 26 projects. These new ventures have a potential to generate 3,500 new jobs,” Khan told media.

The state textile ministry had announced a new policy around two years ago in which an additional 10 per cent subsidy is given to investors coming to cotton growing regions of Vidarbha and Marathwada.

The state-sponsored event had managed to attract a number of investors to this sector and the results are now showing. Of the new projects, 19 are based on the new textile policy while seven materialised during Advantage Vidarbha, Khan said.