The park would be built on almost 903 acre of land from Lucknow and 259 acre from Hardoi.
The Uttar Pradesh cabinet gave its approval for the Prime Minister Mega Integrated Textile Region and Apparel Scheme to establish a textile park close to Lucknow (PM MITRA).
The department of handloom and textiles will receive a free transfer of around 1,000 acre of land in order to establish the park. The park would be built on almost 903 acre of land from Lucknow and 259 acre from Hardoi.
The project will require a total investment of Rs 10 crore. The state government will cover 51 per cent of the investment costs, and the federal government will cover the other 49 per cent.
For the textile park, a special purpose vehicle (SPV) will be set up. The Company Act of 2013 will be used to establish the special purpose entity. Its CEO and Chairperson shall be the Additional Chief Secretary or Principal Secretary of the textile department and the Secretary, Textiles, Government of India.
A master developer will be chosen when the SPV has been established, and the park will be developed via the private-public partnership (PPP) method. The estimated cost of the project is Rs 1,200 crore.
The cabinet also accepted a plan to increase the prices for land that would be acquired from YEIDA area landowners with their cooperation.