Centre to finalize all SPVs for PM MITRA parks in early 2024
NEW DELHI : The government is in the final stages of creating special purpose vehicles for the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks to boost the textile sector. All formalities to establish SPVs will conclude early next year, two officials aware of the development said.
Seven parks are set to come up at Virudhunagar in Tamil Nadu, Warangal (Telangana), Navsari (Gujarat), Kalaburagi (Karnataka), Dhar (Madhya Pradesh), Lucknow (Uttar Pradesh), and Amravati (Maharashtra). SPVs were incorporated in Gujarat and Uttar Pradesh.
The process of setting up SPVs were initiated in Madhya Pradesh, Tamil Nadu, Telangana, Maharashtra, and Karnataka, and is in the final stages, one of the two officials said, seeking anonymity. The ministry of textiles has been tasked with supervising implementing the PM MITRA park projects through an SPV, jointly established by the central and state governments for all parks.
The Centre will cover 49% of the project cost, while the participating state governments will invest the remaining 51% of equity in paid-up capital, the second official said. The textile ministry will be providing ₹800 crore for a greenfield park, and ₹500 crore for brownfield projects, while each state government will be supplying land and upgrade utility infrastructure for the proposed mega textile parks.
Industry leaders are hopeful that the PM MITRA parks will help create a world-class infrastructure for the textile sector. Kulin Lalbhai, the chairman of CII National Committee on textiles & apparel, said: “I don’t have any specific comments to make on the current status of activity in SPV, but PM MITRA parks have a very ambitious vision to create a world class infrastructure through
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