Mumbai: Jindal Group plans to set up a Rs 1,500-crore technical textile unit in Nashik in North Maharashtra, Textile Minister Mohammed Arif Naseem Khan said Wednesday.
Technical textiles are also known as Industrial fabrics.
About 100 acres will be required for the unit which will manufacture cloth related to automobile applications, sports, security, medical and fire-fighting equipment, Khan said.
He said a letter of intent (LoI) has been issued in this regard after the Group officials met him last week.
The Group is currently in the process of acquiring land.
Investment proposals worth around Rs 5,000 crore had been received ever since the Government announced a new textile policy a couple of months ago, the Minister said.
The policy, which focuses on cotton growing belts of Vidarbha, Marathwada and north Maharashtra, provides for incentives like 10 percent capital subsidy.
Khan said 162 projects are being covered under the new Textile Policy.
He said road shows are being planned in Gujarat, Karnataka and Tamil Nadu to attract investors in the key sector.
First Published: Wednesday, July 11, 2012, 21:50