Mumbai: Apparel firm SEL Manufacturing said that it will invest about Rs500 crore for setting up a textile park in Himachal Pradesh.
The park would be set up in 100 acres of land and would generate employment for about 10,000 people, SEL Manufacturing said in a filing to the Bombay Stock Exchange (BSE).
Further, the company has sought approval under the Union Textile Ministry’s Scheme for Integrated Textile Park (SITP), which aims at providing the industry with infrastructure facilities for setting up units.
As per the SITP scheme, the Ministry of Textiles would implement the project through special purpose vehicles (SPV), which would provide manufacturing process for the technical textile products, involving wipes, diapers and surgical clothing.
The scheme would facilitate textile units to meet international environmental and social standards.
Shares of SEL Manufacturing were trading at Rs224, down 4.80% in the late afternoon trade on the BSE.