3 jute companies to invest ₹887 cr.

The Telangana government entered into separate MoUs with Gloster Limited, MBG Commodities Pvt. Ltd., and Kaleshwaram Agro Pvt. Ltd. for a combined investment of ₹887 crore in the jute sector that will provide direct employment to 10,400 people.

The MoUs were signed in the presence of Ministers K.T. Rama Rao, Singireddy Niranjan Reddy, and Gangula Kamalakar.

KTR stated that Telangana is making efforts to revolutionise the agriculture sector through optimum utilisation of resources from the Godavari and the Krishna, and there was a need to be self-sufficient in jute production as the demand has been rising on the back of increasing agricultural produce and procurement in the State. The Minister said that farmers need to look at alternate crops as well for sustainable profitability. More jute mills are likely to come up in the State.

Mr. Niranjan Reddy said that Telangana will encourage farmers to take up jute cultivation to meet the requirements of the jute mills. He added that jute can also be a sustainable alternative to plastic. Mr. Kamalakar reminded that demand for gunny bags in the State has been on the rise due to increased grain production. The State has been sourcing these bags from West Bengal and Chhattisgarh so far.

A statement said that Gloster Limited will invest about ₹330 crore to set up a jute mill in Warangal and create 3,400 direct employment opportunities while MBG Commodities will invest about ₹254 crore in Sircilla district that would generate direct employment to 3,400 people. Kaleshwaram Agro Pvt. Ltd. will invest about ₹303 crore in Kamareddy district to give employment to 3,600 people.

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Printable version | Dec 5, 2021 5:52:20 AM | https://www.thehindu.com/news/cities/Hyderabad/3-jute-companies-to-invest-887-cr/article36520399.ece

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