‘Advantage Vidarbha’, an initiative taken by the Maharashtra Government in February last to invite and attract potential investors into this backward region of the State, has started paying dividends with some big companies setting up their units there.
After the public sector undertaking Bharat Heavy Electricals Ltd. launched its equipment manufacturing unit at Sakoli in the neighbouring Gondia district recently, it’s now the turn of the 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 for the purpose in Yavatmal district where the company already has its major presence, according to the Maharashtra Minister for Textiles, Mr. Mohd Arif Naseem Khan. The company expansion plan may involve infusion of fresh capital of Rs. 300-400 crores by it.
“Vidarbha is expected to get the much-needed boost with a fresh investment of Rs. 3,000 crores likely in the textile sector through 26 projects. These new ventures have a potential to generate 3,500 new jobs,” Mr. Khan told PTI.
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 the 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, Mr. Khan added.