Textile unit invests Rs 120 crore in Kathua, to employ 650 youths | Company News – Business Standard
The project is set to benefit the Kathua area’s local economy and provide sizable employment in Jammu and Kashmir
A textile unit has started functioning at SIDCO (State Industrial Development Corporation) Bhagthali in Jammu and Kashmir’s Kathua after investing Rs 120 crore and creating avenues of employment for 650 youths.
Bloomtex Industries is one of the industrial units that has set up their unit in SIDCO, the new industrial estate at Kathua’s Bhagthali.
The Commissioner to the Government of Jammu and Kashmir’s Industries and Commerce Department, Vikramjit Singh, accompanied Bloomtex Directors Mukesh Tyagi and Anil Tyagi to inagurate the Bloomtex Industries unit, one of the biggest, at SIDCO Bhagthali.
Bloomtex officials said that the company has been promoted as a greenfield company. It has acquired 201 Kanals of land (25 acres) from SIDCO at Bhagthali Industrial Estate, Kathua, on lease, officials said adding that the company has plans to invest around Rs 550 crore on this land in three phases. The first phase of Rs 120 crore has already been implemented.
“The second phase of the project will now be implemented from April 2024 onwards at a cost of Rs 138 crores and will start production latest by June 2025. The third phase will be of approximately Rs 300 crores, which will be implemented in the year 2026-27 before the central sector Industrial Policy expires,” Mujesh Tyagi said.
Speaking about employment opportunities, Tyagi said, “The employment in the first two phases will be over 650 and once the third phase is completed, around 1000 people will get employment at this project. The company is being promoted by Mukesh Tyagi and Anil Tyagi.
While Mukesh Tyagi is a Textile Engineer and Anil Tyagi is a Mechanical Engineer by qualification, they are first generation entrepreneurs and are running several other companies in the field of textile and Export Promotion Councils (EPC) in Uttarakhand and Gujarat.
The project is set to benefit the Kathua area’s local economy and provide sizable employment in Jammu and Kashmir.
Commissioner Vikramjit Singh appreciated the efforts of Bloomtex Industries for its remarkable efforts to establish the units within a short span of nine months. He added that industrialization must boost the economy of Jammu and Kashmir as well as open a larger avenue of employment for local youths.
Earlier on Friday, Jammu and Kashmir Lieutenant Governor Manoj Sinha attended the inaugural ceremony of the industrial unit of Bloomtex Industries.
“Addressed the inaugural ceremony of the industrial unit of Bloomtex Industries Pvt Ltd. Emphasised on the commitment of the UT administration to provide a vibrant ecosystem for the growth of industrial sector in Jammu Kashmir,” the LG office said in a post on ‘X’.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Mar 02 2024 | 7:27 PM IST