The Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks which are being established with then intention to elevate the textile sector is reaching the final stages.

Top officials said that all formalities for the special purpose vehicles (SPVs) are set to conclude early next year.

The proposed PM MITRA parks are going to emerge in seven locations: Virudhunagar in Tamil Nadu, Warangal in Telangana, Navsari in Gujarat, Kalaburagi in Karnataka, Dhar in Madhya Pradesh, Lucknow in Uttar Pradesh, and Amravati in Maharashtra.

SPVs have already been incorporated in Gujarat and Uttar Pradesh, with the final stages of SPV setup initiated in Madhya Pradesh, Tamil Nadu, Telangana, Maharashtra, and Karnataka.

The Ministry of Textiles is entrusted with supervising the implementation of PM MITRA park projects through SPVs, jointly established by the central and state governments for all parks.

The funding structure involves the central government covering 49 per cent of the project cost, while the participating state governments will contribute the remaining 51 per cent in equity through paid-up capital.