MCPI to invest Rs 1,000 crore in Odisha Textile Park

Bhubaneswar: Materials Chemicals and Performance Intermediaries Private Limited (MCPI) has expressed its desire to set up a polyester continuous polymerization and allied yarn project in Textiles Park in Odisha’s Bhadrak district.

The company has already submitted Rs. 1,000 crore proposal through the online single window portal GO-SWIFT (Government of Odisha – Single Window for Investor Facilitation and Tracking).

The project has an employment potential of around 200 people, said a release.

In order to attract investments in its focus sector of textiles and apparel, Odisha has developed a textiles park at Bhadrak district and has pitched for investments to the investor community across the country.

Because of its proximity to the industrial hubs of the country and the abundant availability of land, labour and other utilities such as power and water, the textile park offers unique advantages to the investors.

During the state’s investors meet at Kolkata held in January this year, the state delegation had met MCPI and pitched Odisha’s conducive business environment and also invited for a site visit to the Bhadrak textiles park.

Subsequently, officials from MCPI had visited the site and held discussions with the state government. After successful discussions, MCPI has expressed its desire to set up a polyester continuous polymerization and allied yarn project.

The project will act as an anchor project and help in supplying feedstock or raw material to the downstream technical textile industries which will come up in the textile park and will generate an employment potential of around 1 lakh people.

It will also help in the realization of the State’s dream of transforming the region into a textile hub, the release said.

This will provide a big boost to the textile park and will help in the overall development of the region. The State Government is equally keen on ensuring the grounding of the project and is evaluating the proposal for providing speedy approval.

Notably, of the 124 investment intents received during the investors’ meets organized last year at Mumbai, Bengaluru and in the Make in Odisha Conclave 2016, the state government has received and approved firm proposals for 76 projects worth Rs. 2.02 lakh crore.

With the objective of attracting 2.5 lakh crore of fresh investments and generating 30 lakh job opportunities as part of Vision – 2025, the Government of Odisha is working tirelessly towards diversifying and broadening the state’s industrial development across the focus sectors.

Odisha’s business-friendly policies and the development of world-class infrastructure have received very positive feedback from investors across the country as the State has been able to create an ideal business ecosystem for various sectors to flourish in the state.

Over the last 3 years, the State Government has embarked upon the implementation of a Business Reforms Program to make it easier for companies to set up and operate in the state following which Odisha has been recognized as a ‘Leader’ in terms of implementation of business reforms with 92.73% score in the Ease of Doing Business Report of 2016.