ERODE: The Union Ministry of Textiles has sanctioned a `145-crore textile trading centre here, named Texvalley, under its comprehensive powerloom cluster development scheme.
Union Minister of Textiles Dayanidhi Maran will lay the foundation stone for the centre here on Saturday.
The centre, a first of its kind in the country, comprises three broad wings — 1,750 shops for retail and wholesale business with a 2 lakh-sq.ft modern warehouse, a weekly shandy in 2 lakh sq.ft for the powerloom, handloom and hosiery goods traders to market their products with a warehouse (1 lakh sqft) and parking area, and a 72,000-sq.ft exhibition centre with facilities to hold buyer-seller meetings and conferences.
The Government will give 40 per cent of the project cost or a maximum of `40 crore as subsidy.
“No public issue would be made to mobilise capital for the centre,” Erode Textile Mall Ltd president Periyasamy and vice-president C Devarajan, also the promoters of the project, told newspersons here.
The project, envisaged by CS Architects Pvt Ltd of Salem, is expected to be completed in 15 months.
CS Architects Managing Director C Sivagnanaselvam said, “The centre would give direct job opportunity to 6,000 persons and 35,00 more indirectly.”
“As it is a pilot project under the Ministry, many more centres would come up in future,” R Jeyamohan, one of the directors of CS Archtects said.