The Knitwear club of Ludhiana has created a Special Purpose Vehicle (SPV) called Ludhiana Integrated Textile Park Ltd. The Club is an active association under the Federation of Knitwear Textiles and Allied Industries Associations (FEEKTA), which is a partner of Project Vikas.
This SPV was certainly required in the cluster because it was a pre-requisite under a scheme by the Ministry of Textiles under Government of India. The scheme is “Scheme For Integrated Textile Parks” (SITP).
Punjab Government took up the matter, and the Empowerment Committee for mega projects granted the approval for the setting up of the textile park on 12th January 2006. Also certain concessions were also granted by the committee like waiver of stamp duty etc. The Knitwear Club was engaged in the infrastructure leasing and financial services (IL&FS) which is a consultant agency for the preparation and submission of detailed project reports (DPR) to the Ministry of Textiles, Government of India.
57.18 acres of land was registered for the development of the park in the name of the company. It is a thing of both pleasure and pride now, that the park stands approved and the grant has been sanctioned by the Ministry of Textiles.
Main features of the project:
- The park will be developed on 60 acres of land with the provision of further extension.
- It will be a cluster of around 80 units of Knitwear/Textile Industry.
- Total investment in the cluster will be around Rs.1500 Crores.
- About 1,25,000 persons will get direct or indirect employment.
- The project will have the provision for excellent roads, sewerage, captive power plant, effluent treatment plant, storm water, lights, trade center and sophisticated research & development center.
- With the top class facilities available, national and global competitiveness an now be braced up. .
- With the setting up of this textile park, the stature of the city with be exalted and will go to the threshold of international level.
Source: Knitwear Club, Ludhiana