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| Birla Cotsyn signs MOU with 5000 farmers to procure 6600 tons of cotton |
| Announcement / Corporate Oct 13, 2008, 20:06 IST |
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Birla Cotsyn (India) Limited, a company of the Yash Birla Group (YBG), engaged in textile manufacturing is now setting up an integrated textile unit estimated at a cost of Rs. 320 crore at its facilities in Khamgaon, Ghatanji & Malkapur .
Birla Cotsyn, which has 36,000 spindles yarn at Malkapur, is tapping the local farmers by going on cotton for contract farming. The company has entered into MOU with 5000 farmers to procure 6600 tons of cotton. This will help the farmers of the Vidharbha region to get good prices from the industry than to depend upon the intermediaries.
Says Mr. Baheti, CEO Birla Cotsyn (India) Limited "The production of the cotton yarn spinning at Malkapur has already started. In order to ensure good quality of cotton, the company has further moved to tap the grassroots; we have entered into a MOU with 5000 framers to procure good quality of cotton. This understanding will be beneficial to both the framers in the Vidarbha region and Birla Cotsyn.
The textile project at Malkapur has been granted the "MEGA PROJECT" status by the State Government of Maharashtra and will get additional fiscal benefits over the next seven years.
About the Yash Birla Group
The Yash Birla Group, a conglomerate of 14 companies that cover diverse businesses ranging from textiles to engineering, auto power solutions, recently ventured into the lifestyle and healthcare sectors as well. Today, the group has five publicly listed companies in India.
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