Odisha Approves ₹124 Crore Spinning Unit in Balangir to Enhance Textile Industry
Odisha clears ₹124 crore spinning unit in Balangir to boost textiles
Business Standard
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The Odisha Cabinet has approved a ₹124 crore investment for a modern spinning unit in Balangir district, aimed at boosting the local textile industry and economy. This facility by Shree Ambica Cotspin Pvt Ltd will create around 300 jobs and enhance the textile value chain in the historically underdeveloped KBK region.
- 01The Odisha Cabinet approved a ₹124 crore investment for a spinning unit in Balangir.
- 02The facility will create approximately 300 direct jobs and additional indirect employment.
- 03It aims to enhance the local textile value chain by processing locally grown cotton.
- 04The project is expected to stimulate economic activity in the KBK region of Odisha.
- 05Experts predict it could lead to the development of an integrated textile cluster in Western Odisha.
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The Odisha Cabinet, led by Chief Minister Mohan Charan Majhi, has approved a ₹124 crore investment for a modern spinning unit in Balangir district. This facility, proposed by Shree Ambica Cotspin Pvt Ltd, aims to enhance the local textile value chain by processing cotton grown in the region, which has historically lacked such infrastructure. The project is expected to create around 300 direct jobs and additional indirect employment opportunities in logistics and allied services. This initiative is part of Odisha's strategy to promote industrial development in the KBK region, known for its economic challenges. By enabling local yarn production, the project will reduce transportation costs and improve supply chain efficiency, potentially leading to the establishment of an integrated textile cluster in Western Odisha, thus reducing regional disparities and boosting industrial output.
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The establishment of the spinning unit is anticipated to create job opportunities and stimulate economic growth in Balangir and the KBK region, which has faced industrialization challenges.
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