1k acres of decommissioned textile factories in UP to make space for new businesses

1k acres of decommissioned textile factories in UP to make space for new businesses

Lucknow, 15 Dec (HS): In a strategic move, the Uttar Pradesh government has taken control of decommissioned textile plants, unlocking nearly 1,000 acres of prime land for new business allocations. These abandoned units, managed by state-owned enterprises like the UP Cooperative Spinning Mills Federation, the UP State Textile Corporation Limited, the UP State Spinning Company Limited, and the UP State Yarn Company Limited, are burdened with liabilities amounting to around Rs 3,000 crore.

Uttar Pradesh Industrial Development Minister Nand Gopal Gupta Nandi revealed that the state aims to purchase these land tracts after clearing outstanding debts and allocate them to potential investors. The government has already waived Rs 500 crore in debt from these units, and the remaining funds will be generated through auctions.

The UP Cooperative Spinning Mills Federation alone possesses over 700 acres of scattered property across multiple regions. As part of the comprehensive revitalization plan, the government intends to establish an MSME industrial park in the Kanpur region, a significant industrial and textile hub in North India.

Sources suggest that the government is gearing up for a large-scale groundbreaking event to initiate projects valued at approximately Rs 10 trillion. Recognizing the urgent demand for land in the industrial sector, the UP government aims to create a substantial industrial land bank in key manufacturing and commercial hubs.

Impact on MSMEs and Businesses: The Uttar Pradesh government’s initiative to repurpose decommissioned textile factories and make available 1,000 acres of land presents a significant opportunity for MSMEs and businesses. This move not only unlocks prime real estate but also signals the government’s commitment to fostering industrial growth in the state.

For MSMEs and businesses involved in manufacturing, textiles, and related sectors, the availability of this land could serve as a strategic advantage. The establishment of an MSME industrial park in the Kanpur region further enhances the potential for new ventures and collaborations. Entrepreneurs looking to invest in Uttar Pradesh’s thriving industrial landscape may find this development conducive to expanding their operations and contributing to the state’s economic growth.

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