Carrera, the $500 million Italian textiles major, has lined up investment of close to Rs 600 crore [Rs 6 billion ($130 million)] to set up manufacturing facilities as well as retail chains.
In the first ever FDI in the country's textiles industry, Carrera would be floating a wholly owned subsidiary, Carrera India Pvt Ltd, to bring in the fund to set up a whole range of textiles production facilities -- manufacturing, processing, engineering and retailing.
Carrera India Pvt Ltd would also bring in four foreign companies as join venture partners to set up the facilities, said Vivek Jacob, chief executive officer, Carrera, to Business Standard in an exclusive interview.
He said the locations of the facilities were shortlisted. "We have shortlisted Tamil Nadu and Maharashtra," adding that the zero date for the investment was September 15 and the entire investment process would be over in eight months. The first retail shop of Carrera should be come up in January 2005, he added.
While it would tie-up with Panther for weaving looms, Mallavassi will be its join venture partner in textiles. Lovato will be the partner in textiles firming and Due Elle will be the partner for processing.
Direct employment generation will be around 3,000 while another 7,000 people will be associated with the activities of the company. The retail chains will come up in all the metro cities initially and then will be spread in other cities in the next three years.
The break-up of the investment would be: $25 million each has been earmarked for processing and manufacturing, $20 million for finishing machinery, $17 million for textiles engineering, $3 million for industrial services center and $40 million for retailing.
