Three compes have come forward to set up jute mills in Telangana with a cumulative investment of Rs 887 crores, the state government said on Friday.
The proposed jute mills aim to provide direct employment to 10,400 people, as per the official statement.
Speaking to media persons, Telangana IT and Industries Minister KT Rama Rao said, "The three compes to which the Telangana government has signed a memorandum of understanding are Gloucester Limited, Kaleshwaram Agro Limited and MBG Commodities Limited."
"So far there is no jute mill/industry in the state. With this move, we aim to buy jute products produced by these three industries for the needs of Telangana," he said.
The minister informed that the three compes have the potential to create 10,400 jobs at a cost of Rs 887 crore. "Gloucester will invest Rs 330 crores, Kaleshwaram Agro Ltd Rs 254 crores and MBG Commodities Ltd Rs 303 crores. We need to be self-sufficient in all areas right now. Agricultural products and their procurement have increased tremendously since the formation of the state of Telangana," he said.
The minister further said, "We are trying to bring huge changes in the agricultural sector through the development of local ponds along with water resources like Godavari Krishna in the state."
He highlighted that farmers need to look towards alternative crops and only then will agriculture be profitable for our farmers in the long run. "The jute mills being set up today have the potential to benefit farmers by cultivating the hemp crop required for the industry. With the establishment of this industry, the investment to the state is likely to bring more profit to the farmers along with jobs," said KTR.
( With inputs from ANI )
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