8JANUARY 2024TOP STORIESGOVERNMENT'S 5-YEAR, 70,000 CRORE INVESTMENT IN PM MITThe government aims to position itself as a textile source and investment destination through the seven Pradhan Mantri Mega Integrated Textiles and Apparel Parks (PM MITRA), investing 70,000 crore over the next five years, Textiles Secretary Rachna Shah said. The government is trying to attract FDI through PM MITRA and various other schemesWe hope that the seven PM MITRA parks will emerge as growth centers for the textile industry seeking the support of global investors to invest in India and source textiles from India, Shah said. The ministry is also focusing on increasing the footprint of technical textiles, which is a growing market.Currently, India exports technical textiles, including medical garments, worth $2.5 billion and we aim to increase this to $10 billion in the next five years, the secretary told Mint. The Ministry of Textiles is organizing a first-of-its-kind mega textile exhibition, Bharat Tex 2014, in February to attract global players to invest in the sector and procure textiles."We are the second largest producer of cotton and a leading player in the silk industry. Availability of raw material, skilled labour and technological upgrading are our main strengths that we show to the world to attract foreign direct investment in the sector, Shah said.The global mega textile event will be held in New Delhi from 26th to 29th. in February at Bharat Mandapam and Yashobhoom. ADANI GREEN SECURES $1.36 BILLION VIA DEBT FUNDINGAdani Green Energy announced on December 5 that it has completed $1.36 billion in continuation financing from a senior lender, marking its largest project financing to date as part of its flagship construction fund. This will strengthen the funding pool to $3 billion since the project's first funding in March 2021. A group of international banks supports Adani Green's infrastructure financing framework.The green financing facility will play an important role in accelerating the progress of AGELand's upcoming landmark project, the world's largest renewable energy park located in Kavda, Gujarat, the company said in a story.Shares of Adani Green rose 5.8 percent to Rs 1,188.50 apiece in early trade on the BSE Sensex."The extension of Construction Financing Framework to $3B is a historic landmark and will boost the development of Khavda site which is poised to become the world's largest Renewable Energy Park with the generation capacity of 17 GW," said Vineet S Jain, MD, Adani Green Energy."It will be a catalyst in the accelerated completion of the development activities at the project site. We thank the consortium for reposing faith in our project execution capabilities and strategic growth vision aligned with India's decarbonization goals. We will continue the growth momentum to deliver the projects and support India's clean energy transition," he added."The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site," the company said. "The world's largest RE park at Khavda will not only enable AGEL's vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India's net zero journey".
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