Coimbatore

Funds for development of power loom units

Power loom units that want to expand their retail market, go in for branded fabric or have innovative production methods can now scale up their facilities and market with financial support from the Union Government.

The Government plans to contribute Rs. 24.5 crore for Tex-Fund Venture Capital Fund for power loom and allied products and services.

An official at the Regional Office of the Textile Commissioner here says that the Government will invest up to Rs. 3 crore or take up to 49 per cent stake in the unit so that the firm can become a private limited one and take up branding, retailing initiatives or innovative measures. It will exit from the unit after five or seven years.

The regional office of the textile commissioner will conduct awareness programmes and encourage power loom units to make use of the fund. The units will have to submit applications to the Small Industries’ Development Bank of India and funds will be provided depending on the details of the project.

The office of the textile commissioner will also help the small-scale power loom unit owners interact with experts for marketing and finance.

The potential beneficiaries should have 10 to 20 looms, take up orders directly, should be a small-scale unit and should have transparency in accounting. Details of the scheme are available at the office of the textile commissioner and an awareness meeting will be held here on April 7, the official said.


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Printable version | Jul 27, 2021 8:15:26 PM | https://www.thehindu.com/news/cities/Coimbatore/funds-for-development-of-power-loom-units/article7066873.ece

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