One of the key players in the embroidery and laces in India and owners of brand Hakoba, Pioneer Embroideries (PEL), plans to invest in Shree Ganesh Textile park with a view to modernize and consolidate embroidery business at single location.
Pioneer Embroideries is becoming a promoter in Shree Ganesh Integrated Textile Park Private Ltd. (SGITPL), at village Deogaon, district Dhule, Maharashtra, a textile park approved under Government of India (Gol) Scheme of Integrated Textile Park (SITP). PEL will set up a greenfield embroidery project at SGITPL.
Government of India and Maharashtra Government (MH) has approved grants of Rs. 49 crore Total approved project costs as per GoI is Rs. 104 crore, comprising of approximate Rs. 57.20 crore towards factory buildings and Rs. 46.80 crore towards common infrastructure, viz., site development, roads, storm, rain water harvesting, water connection, sewerage, landscaping, telecommunication, electrical transmission and distribution, hostel, training centre, etc. The park is spread over 120 acres.
PEL believes this will help to set up a greenfield embroidery manufacturing facility and provide enough land parcel to expand in the long-term future too. This will help PEL achieve its ESG (environmental social governance) initiative.
PEL will become one of the three co-promoters. SGITPL has already received Gol approval to accept PEL as co-promoter. All the three promoters are investing 33 per cent each.
