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Stone laid for Vardhman Yarns? Rs 600-cr unit

COMMERCE AND Industries Minister Babulal Gaur today laid the foundation stone for the Rs 600-crore Vardhman Yarns at Satlapur Industrial Growth Centre, village Nayapura Mewati (Mandideep) today.

india Updated: Mar 11, 2006 14:14 IST

COMMERCE AND Industries Minister Babulal Gaur today laid the foundation stone for the Rs 600-crore Vardhman Yarns at Satlapur Industrial Growth Centre, village Nayapura Mewati (Mandideep) today.

Addressing the gathering on the occasion, Gaur said that in the earlier regime industries closed down due to numerous problems including power shortage and new investments virtually stopped flowing in. “Now the climate is changing due to proactive policies of the government in all spheres, and, as a result, Mahavir Spinning Mills alone is investing Rs 1400 crore in the State,” he said.

Gaur expressed the hope that local people would get employment in the factory, which, in turn, would spur a lot of economic activities in the region.

Chairman and Managing Director, Vardhaman Spinning & General Mills Ltd, S P Oswal, who owns cent per cent export-oriented unit Anant Spinning Mills at Mandideep with an investment of Rs 200 crore, said that workers of the region should maintain high-level of work culture.

He appreciated the State Government for its industrial-friendly approach towards the industry. Vardhman Yarns is being promoted by Ludhiana-based Mahavir Spinning Mills Ltd. The group is also reported to be establishing a composite textile unit at Budhni in Sehore district with an investment of approximately Rs 800 crore.

The group, a major integrated textile producer in the country, is into manufacturing and marketing of yarns, fabrics, sewing threads, fibre and alloy steel.

First Published: Mar 11, 2006 14:14 IST