Textile major Raymond has signed memorandum of understanding with Maharashtra government for setting up integrated textile manufacturing plant with an investment of Rs 1,400 crore in state’s Amravati district, chairman and managing director of the company, Gautam Hari Singhania told reporters on the sidelines of the ongoing Make in India Week in Mumbai today.

Singhania said that the state government wants to develop a very large textile park in the district. And he was happy that the state government has moved in approving the project for which they has taken 500 acres of land in Amravati to set up textile manufacturing facilities.

Singhania said that his company, Raymond has been manufacturing in India and Maharashtra in particular since 1925 and has one of their factories located in the Thane district of the state.

After Raymond announcing its investment, four more textile parks are likely to come up within the state. The state chief minister, Devendra Fadnavis, wants to develop the textile parks in Amravati as his dream project.