Lucknow, Feb 15 (KNN) The Uttar Pradesh cabinet on Tuesday approved the setting up of a textile park near Lucknow under the Prime Minister Mega Integrated Textile Region and Apparel Scheme (PM MITRA).

Around 1,000 acre land will be transferred free of cost to the department of handloom and textiles for setting up the park. Nearly 903 acre land fr0m Lucknow and 259 acre fr0m Hardoi will be utilized for setting up the park, an official release said.

As per the official statement, a total of Rs 10 crore investment will be needed for the project.51 per cent of the investment will be borne by the state government and the remaining 49 per cent by the Centre.

A special purpose vehicle (SPV) will be set up for the textile park. The special purpose vehicle will be set up under the Company Act, 2013. The additional chief secretary or principal secretary of the textile department will be its CEO while secretary, textiles, government of India, will be its chairperson.

After the SPV is set up, a master developer will be selected and the park will be developed on private-public partnership (PPP) mode. The project is expected to cost Rs 1,200 crore.

Another proposal approved by the cabinet included a proposal to revise the rates of land to be purchased with mutual consent fr0m landowners in the YEIDA area.  (KNN Bureau)