First integrated Textile park to be launched in the Mumbai Metropolitan Region (MMR)
Mumbai 24th November 24, 2009: Ackruti City limited has created an Special Purpose Vehicle (SPV), Asmeeta Infratech Pvt limited to create the first Integrated Textile Park the Asmeeta TEXPA in MMR. The park is being created under the scheme for Integrated Textile Park (SITP) by the Ministry of Textiles, Government of India. The park will be spread over 60 acres, and aims to provide world class infrastructure and state of the art facilities to the unit holders of the park. Asmeeta TEXPA is strategically located at the Kalyan-Bhiwandi area just six KM from the Kalyan railway station. Bhiwandi has traditionally been a textile hub and accounts for over 33% of the total weaving production in India.
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Ackruti City limited has created an Special Purpose Vehicle (SPV), Asmeeta Infratech Pvt limited to create the first Integrated Textile Park the Asmeeta TEXPA in MMR. The park is being created under the scheme for Integrated Textile Park (SITP) by the Ministry of Textiles, Government of India. The park will be spread over 60 acres, and aims to provide world class infrastructure and state of the art facilities to the unit holders of the park. Asmeeta TEXPA is strategically located at the Kalyan-Bhiwandi area just six KM from the Kalyan railway station. Bhiwandi has traditionally been a textile hub and accounts for over 33% of the total weaving production in India.
The total cost of the project is estimated at Rs. 300 crores and the project is expected to be completed in one year. The project has got a subsidy from the Central Government, for around Rs. 40 cr is also in the process of a debt tie up for the entire project. Commenting on the occasion Mr. Hemant Shah, Chairman Ackruti City Limited said "We have a rich legacy of creating specialized industry parks like IT parks and Bio-Technology parks. These facilities provide ready to move facilities and cater to individual industry needs, apart from creating a critical mass for that industry. These value added real estate project help strengthen our bottom line and add value for all our stake holders"
This is the first such project in the MMR, with all the factory buildings will be build to suit individual needs with 24 hours electricity and water supply from MIDC. The facility is planned for disposal of storm water considering the topography and level of the site and all industrial effluents and domestic sewerage will be treated in the STP.
Unit holders at the Asmeeta TEXPA, can avail various central and state government benefits. The Central Government subsidies are 20% Margin money for power looms for Small Scale Industries (SSI). 15% margin money subsidy for SSI textile and jute sector. A 5% interest reimbursement for all textile units, even if the ceiling limit of investment in plant and machinery exceeds Rs 200 lakhs.
The state government subsidies include a 25% tax reimbursement for a period of 7 years upto 30% of fixed capital, and an interest subsidy on interest actually paid to banks for the first four years upto a ceiling of Rs 10 lakhs. Electricity duty exemption, stamp paper waiver and Octroi exemption upto 100% of fixed capital are some of the other incentives being offered.
Micro, small and medium manufacturing enterprises can avail additional benefits like 5% subsidy on equipment, 50% subsidy on quality certification expenses, 25% subsidy on cleaner production measures and 50% subsidy on patent registration expenses.
Notes to Editor
Ackruti City Limited has expertise in developing specialized projects like multilevel automatic car parking structures, mega residential and commercial complexes, unique state-of-the-art malls, sprawling IT and Biotech parks as well as township projects.
Through its focus on innovation over the years, and a relentless pursuit of excellence, Ackruti City Limited has emerged as one of the premier real estate development houses in the country. The company currently commands a land bank of over 40 million square feet in the prime locations of Mumbai, Thane, Pune and also has several tens of millions more square feet of locations in its projects outside these metros.
For more information on Akruti City Limited log on to: www.ackruticity.com