Ludhiana textile park seeks SEZ status

The Ludhiana Integrated Textile Park (LITP) is planning to apply for special economic zone status.

The first phase of the Rs 1,800-crore project is expected to be over by March 31 2007. In six months, the LITP will declare rates for the developed sites. Once it is over, companies will be allowed to set up manufacturing units.

The process of acquisition of land is going on at a fast pace and in the past three months, 90 acres of land have been acquired.

The LITP has tied up with banks like the Punjab National Bank and the State Bank of India. A few companies from Ludhiana and Delhi have also confirmed setting up shop in the park.

Speaking to Business Standard, Ludhiana Integrated Textile Park Managing Director Vinod Thapar said, "In six months, we will declare the prices and will soon launch a website. The total investment will be close to Rs 1,800 crore, of which Rs 40 crore will be given by the Centre and the rest will be generated by entrepreneurs. The project will take five years to complete. We will be providing trading centres, retailing marts, offices, and display centres and have raised Rs 300 crore from the PNB and have tied up with other banks."

On being asked if it would apply for SEZ status, he said, "Definitely, but first we want to fulfil the eligibility conditions."

The park will be spread over 150 acres. Around 125-150 textile units are expected to be part of the park. It is expected to generate 80,000 jobs.