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Industry & Economy - Textiles


Coimbatore textile cos invest Rs 2,000 cr in 2 years

G. Gurumurthy

Coimbatore , Jan 25

THE textile industry in Coimbatore region has pumped in Rs 2,000 crore as new investments in the past two years or so.

This investment is based on the rough estimate of about one million new spindle equivalent capacity creation seen by the spinning and composite mills in the region, according to SIMA officials.

According to Mr Vijay Venkataswamy, former SIMA Chairman, the new spindle creation as well as modernisation of old spindles that would have happened in recent years in the region would be 10-15 lakh.

Mr Arumugham, SIMA Chairman, said that in addition to this, the weaving and processing sectors which have seen renewed investment interests of late would have attracted another Rs 500-crore worth of investment in the past two years.

Much of it was triggered by the soft loan package allowed for the textile industry by the Government under the technology upgradation fund scheme (TUFS).

Under the TUFS route, financially well-managed textile enterprises stand to get term loan from the financial institutions and banks at as low rate as three per cent for their modernisation and capital investment programmes.

Tamil Nadu and Gujarat occupy top slots in the list of States that have availed large chunk of bankable funds under the TUFS route.

The other States which claimed huge amounts under TUFS are Punjab and Rajasthan, besides Maharashtra.

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