Rs 3,400-cr S Korean textile unit to come up at Shendra

Aurangabad: State industries minister Subhash Desai said here on Friday that South Korean company Hyosung will be investing Rs 3,400 crore in a textile manufacturing unit at Shendra.
Speaking at the inaugural session of the national scheduled caste and scheduled tribes (SCST) hub conclave, Desai announced that 20% of the total procurement of goods and services shall be made from MSMEs, of which 20% will be from ST and SC owned units.
Talking abouth the investment summit, Magnetic Maharashtra, which is scheduled to start in Mumbai from February 18, the minister said the government aims to attract investments worth Rs 10 lakh crore during the event.
Desai said an agreement has been signed with the South Korean company. Hyosung will set up its unit on a 100 acre area at the Delhi Mumbai Industrial Corridor’s (DMIC) Shendra node near Aurangabad city. One thousand people will be directly employed through the project. The project will also create an ecosystem where smaller industries can thrive.
Desai said that a lot of good projects were coming to Aurangabad and Marathwada and that investors were responding well to the DMIC and the Auric (Aurangabad industrial city).
With the pace of infrastructural development underway, DMIC’s Shendra and Bidkin nodes were awaiting a mega project. The announcement on the textile unit holds great importance on that backdrop.
Desai that the international convention centre at Shendra has been approved and said that it will be completed in time. Besides, the state has provided 138 hectare land for a railway coach factory in Latur, he added.
The minister said the government has announced 12 policies in the past few months to give a boost industrial investments in the state. These include policies for goods and services tax, women entrepreneurs, e-vehicles, coir industry, aerospace and defence manufacturing, logistic parks and financial technology, he said.
Commenting on the recent Punjab National Bank scam, Desai said, “I do not understand how banks approve gigantic loans to big shots with such ease while an MSME has to struggle hard for a loan of a few lakh rupees.”