Telangana attracts Rs 887 crore investment in jute sector
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Three companies have come forward to set up jute mills in Telangana with a cumulative investment of Rs 887 crore.
The proposed jute mills will provide direct employment to 10,400 people.
Gloster Ltd, MBG Commodities Pvt Ltd, and Kaleshwaram Agro Pvt Ltd on Friday signed separate MoUs with the state government, in the presence of state ministers K.T.Rama Rao, Singireddy Niranjan Reddy, and Gangula Kamalakar.
Gloster Ltd will invest about Rs 330 crore to set up a jute mill in Warangal district. The investment is will create 3,400 direct employment opportunities in the region.
MBG Commodities will invest about Rs 254 crore to set up a modern integrated jute mill in Rajanna Sircilla district. This will generate approximately 3,400 direct jobs.
Kaleshwaram Agro Pvt Ltd, will set up a modern integrated jute mill in Kamareddy district with an investment of about Rs 303 crore. The investment will generate approximately 3,600 direct employment opportunities in the region.
Industry and Information Technology Minister Rama Rao stated that Telangana is making efforts to revolutionise the agriculture sector through optimum utilisation of resources from the Godavari and the Krishna rivers and local water bodies as well.
He also added that there is 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.
KTR, as the minister in popularly called, stressed the need for farmers to look at alternate crops as well for sustainable profitability. More jute mills are likely to come up in other districts as well given the focus that Telangana is placing on food processing, he said, and assured support to companies coming forward to set up jute industries in the state.
Agriculture Minister Niranjan Reddy said Chief Minister K. Chandrasekhar Rao has been placing special focus on the jute industry as the agricultural produce is increasing. He said the state will encourage farmers to take up jute cultivation to meet the requirements of the jute mills. He added that the jute can also be a sustainable alternative to plastic.
Civil Supplies Minister Kamalakar said demand for gunny bags in the state has been on the rise. "The state has been sourcing these bags from West Bengal and Chhattisgarh. With new jute mills coming up in the state, it would be in a position to save on these costs," he said.
