Erode Tex Valley to take shape by January

ERODE: A clear picture on the Textiles Ministry-approved Erode Tex Valley project will emerge by January when applications would be invited from those interested in buying shops there or getting them on lease.A first-of-its-kind in the country, the work on the Rs 98-crore project is still in its initial stage though the foundation stone was laid last year. The Ministry has totally approved 15 such projects in different parts of the country. As per the plan, a big textile market with 1,750 shops doing business daily and 1,000 shops doing business in the weekly shandy would come up on the Salem-Sengapalli National Highway near Nasiyanur. The project promoters, Lotus and URC Group, have already brought 15 acres of land and developed it at a cost of Rs 22 crore.It is coming up under the private-public partnership with the Centre providing a subsidy of Rs 38 crore in its first phase. The cost for the second phase is estimated at Rs 40 crore. “Some slight changes have been made in the project plan, which has been approved by the Union Ministry of Textiles. So, now initial works have commenced. The second phase will be launched soon. The work will be completed within one-and-a-half years,” URC Group chairman U R C Devarajan told Express. He said an announcement on inviting applications from those who are interested in buying the shops for doing daily business would be made by January. During the same period, shops would be given on long lease. The pricing would be worked out after taking into account the subsidy and construction cost. At present, textile weekly and daily shandys are held at the Eswaran Koil Street and Gani textile market.