July 15, 2024
Industry

UP Govt Selling Off Land Of Closed State-Owned Textile Mills

The Uttar Pradesh government is acquiring land of several state-owned closed textile mills in various districts, which will be sold off to investors.

Cumulatively, the land of these textile mills are estimated to be over 1,000 acres, owned by UP Cooperative Spinning Mills Federation, UP State Textile Corporation, UP State Spinning Company, etc.

“These closed textile mills have a cumulative debt of around Rs 3,000 crores and have a very low chance of revival,” Business Standard reported.

UP Industrial Development Minister Nand Gopal Gupta Nandi had announced that the state has planned to acquire these lands for allotment to investors after settling their outstanding liabilities.

“While the state has waived Rs 500 crore debt of these units, the requisite funds to wipe off the remaining debt would be raised through auction of these land parcels,” sources said.

The industry has always raised concerns for urgent requirement of land for manufacturing or commercial use, and so the UP government is keen to increase availability of land.

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