The Cabinet has given its approval for setting up a textile park near Lucknow. The textile park will be set up under the Prime Minister Mega Integrated Textile Region and Apparel Scheme. The department of handloom and textiles will also be getting around 1,000 acres of land to set up the park, free of cost.
According to the plan set forward, 259 acres of land from Hardoi and around 903 acres of land from Lucknow will be pooled for the purpose and from the total land area of 1,162 acres, 1,000 acres will be transferred free of cost.
The textile park will also have a special purpose vehicle (SPV) and out of the paid-up capital of Rs. 10 crore required for the project, 51 per cent will be borne by the State Government and the remaining 49 per cent by the Centre.
The CEO of the SPV will be the Additional Chief Secretary or Principal Secretary, while the Chairperson will be Secretary, Textiles, Government of India.
After the set-up of the SPV, a master developer will be selected and the park will be developed in private-public partnership (PPP) mode. The project is expected to cost Rs. 1,200 crore.
