They mentioned plans to invest approximately Rs 550 crore in three phases, with the first phase of Rs 120 crore already implemented.
Operation has been commenced for a textile unit at SIDCO (State Industrial Development Corporation) Bhagthali in Jammu and Kashmir’s Kathua, with an investment of Rs 120 crore and the creation of employment opportunities for 650 youths.
Bloomtex Industries, one of the industrial units, established its unit in SIDCO, the new industrial estate at Kathua’s Bhagthali.
Accompanied by Bloomtex Directors Mukesh Tyagi and Anil Tyagi, the Commissioner to the Government of Jammu and Kashmir’s Industries and Commerce Department, Vikramjit Singh, inaugurated the Bloomtex Industries unit at SIDCO Bhagthali.
According to Bloomtex officials, the company has been promoted as a greenfield company and has leased 201 Kanals of land (25 acres) from SIDCO at Bhagthali Industrial Estate, Kathua. They mentioned plans to invest approximately Rs 550 crore in three phases, with the first phase of Rs 120 crore already implemented.
Mukesh Tyagi stated, “The second phase of the project will be implemented from April 2024 onwards, costing Rs 138 crore, and will start production by June 2025. The third phase, approximately Rs 300 crore, is scheduled for implementation in 2026-27 before the central sector Industrial Policy expires.”
Discussing employment opportunities, Tyagi mentioned, “Employment in the first two phases will exceed 650, and once the third phase is completed, around 1000 people will be employed in this project.” The company, promoted by Mukesh Tyagi and Anil Tyagi, is involved in textile and Export Promotion Councils (EPC) in Uttarakhand and Gujarat.
Both Mukesh Tyagi, a Textile Engineer, and Anil Tyagi, a Mechanical Engineer, are first-generation entrepreneurs running multiple companies in the textile and EPC fields.
The project is anticipated to benefit the local economy in Kathua and provide significant employment in Jammu and Kashmir.
Commissioner Vikramjit Singh commended Bloomtex Industries for its remarkable efforts in establishing the units within a short span of nine months. He emphasized that industrialization should boost the economy of Jammu and Kashmir and open up more employment opportunities for local youths.
Jammu and Kashmir Lieutenant Governor Manoj Sinha attended the inaugural ceremony of Bloomtex Industries’ industrial unit.
News source: Business Standard