Orissa units set up SPVs for integrated textile park

Small sector representatives feel that initiatives by a single unit are unlikely to lead to construction orders from big industrial houses.

Three special purpose vehicles( SPVs) have been formed for the purpose. The three SPVs are Utkal Infrastructure Development Consortium Private Limited (UIDC), Orissa Knit Complex Private Limited ( OKC) and Bhubaneswar Engineering Syndicate ( BES). The small sector also wants to promote the concept of limited liability partnership to help SMEs.

The Union Cabinet has just approved the Limited Liability Partnership Bill, 2008, for tabling in Parliament. The bill facilitates the setting up of small companies without going into company formalities under the registrar of companies (RcC).

The textile park is being set up by OKC. About 35 acres of land for the park has already been identified by the land acquisition arm of the Orissa government