Abhishek Ind's Rs 1,000-cr MP unit taking shape

Trident group-promoted Abhishek Industries' Rs 1,000-crore yarn and sheeting fabric project will now take shape in Madhya Pradesh.

The company will perform bhoomi poojan on October 24 at the project site in Budni "� the constituency of Madhya Pradesh Chief Minister Shivraj Singh Chouhan. This will be the second biggest investment after Anant Spinning Mills' project of setting up a new spinning mill in the area.

"The project will start taking shape this month. The construction will begin this month and is expected to be completed in the corresponding period of next year," a company source told Business Standard. The source also said that a certain area of the land was yet to be acquired.

Farmers in Budni had jacked up land prices following government announcement of acquisition of their land. The company has reportedly acquired more than 700 acres at its own and wanted clearance for further 125 acres.

In the first phase the company, according to a source, would set up 100,000 spindles which will be expanded to 200,000.

Another unit with 400 looms will also take shape soon. This unit will manufacture sheeting materials; sheeting fabric, terry towel and yarn and will be 100 percent export-oriented unit, the source added.

The company has also reached an advance stage to set up its agri-tech project and "the quantum of its investment may go higher at a later stage".

The company has proposed to offer direct employment to more than 3,000 people.

However, SP Oswal-promoted Nahar Spinning Mills had dumped its expansion-cum-investment plan since the state government failed to maintain its promise of providing cheap land.

A good variety of cotton and availability of cheap labour attract industrialists to Madhya Pradesh but the bureaucracy is one of the main hurdles in Madhya Pradesh after power shortage and poor infrastructure.