Rs 1,200 cr yarn unit in Panipat

Bank of Rajasthan to set up unit

The Bank of Rajasthan has offered to set up a mega synthetic yarn project at Panipat in Haryana. The Rs 1,200-crore synthetic yarn project aims at using the PTA released from the Panipat refinery of the Indian Oil Corporation.

The offer was made by Bank of Rajasthan Chairman PK Tayal to Haryana Chief Minister Bhupinder Singh Hooda. Tayal was heading a delegation of the bank, which called on the chief minister in Mumbai yesterday.

Reacting to the bank's proposal, Hooda said the state would also set up a petrochemical hub to utilise capital feedstock from the IOC refinery for downstream units.

"The state government has acquired 5,000 acres of land to facilitate smaller companies to set up petrochemical businesses in this area and this is expected to start in 2007," he said.

Tayal said the bank was also studying a proposal to set up an integrated textile mill in Haryana. The textile mill project, which could be set up at a cost of Rs 600 crore, would use the cotton grown in the state, he said.

Haryana produced good-quality cotton and setting up a textile mill in the state was likely to be cost-effective, he said.

The Bank of Rajasthan chairman also offered to handle the banking jobs of the state government that included treasury, collection of power bills, sewerage charges and property taxes, among others.

At present, the bank was handling these jobs for the Maharashtra and Rajasthan governments, he added.

Hooda asked the bank delegation to initially study the feasibility of taking up the work of distribution of old-age pension. The pension is distributed on the seventh day of every month.

Tayal said the bank would open the account of all pensioners and issue them ATM cards. It would help the pensioners in receiving their money on time, he added.

Inviting investment in the state, the Haryana chief minister said the government had identified thrust areas including agro-based and food processing, electronics and information technology, automobiles and automobile components, handloom, hosiery, textiles, footwear and leather garments and export-oriented units for investments.

---

Money spinner

• The synthetic yarn project aims at using the PTA released from the Panipat refinery of the Indian Oil Corporation
• Haryana Chief Minister Bhupinder Singh Hooda said the state will also set up a petrochemical hub
• The petrochemical hub will utilise capital feedstock from the IOC refinery for downstream units
• The state government has acquired 5,000 acres of land to the setting up of petrochemical businesses in this area
• The Bank of Rajasthan is also studying a proposal to set up an integrated textile mill in Haryana