The government of Karnataka expects Rs 20 billion investment from textile companies of Gujarat, in the state. It expects these companies to establish their textile units in the state that produces a large amount of cotton. Annual cotton production of Karnataka is around 900,000 bales.
In this regard, Textiles Minister of Karnataka Mr. Gulihatti D Shekhar conducted a road-show in Surat, Gujarat wherein around 50 investors marked their presence.
During his address, Mr. Shekhar informed reporters that Surat sources large volumes of cotton from Karnataka, hence, the government of Karnataka encouraged them to set up their units in the state which will enable them to reduce production cost.
MoUs regarding this are expected to be signed in the Karnataka Government-driven Global Investors' Meet (GIM). These MoUs will envisage an investment of Rs20 billion by Gujarat-based textile companies, operating specifically in processing and spinning sectors.
More road-shows would also be held in foreign countries such as Sri Lanka, Turkey and Indonesia, next month, by a delegation of Karnataka Textiles Department as a measure to woo investment, informed the Minister.
Fibre2fashion News Desk - India
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