Chinese Company To Invest In Textile Park
A Chinese company has shown interest and is considering investing Rs 600 crore in the textile park at Sitarganj in Udham Singh Nagar district of Uttarakhand.
The Chinese company will invest in 35 acres in the 135 acre Sitarganj textile park, which has advantages like surplus ground table water and proximity of the region to Nepal and China.
Udham Singh Nagar’s border with Uttar Pradesh and good transportation facility to other parts of the country are other advantages in investing in this park.
If the Chinese company goes ahead with its investment proposal, it will be the first company from that country to invest under 100 per cent foreign direct investment (FDI) norms.
For entrepreneurs setting up their industries, the Uttarakhand government offers benefits like rebate in electricity bill, exemption from electricity tax, and 50 per cent rebate in land tax for setting up textile industry.