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Thursday, 12 January 2017

Welspun group to invest Rs 4,000 cr in textile projects

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Home textiles major Welspun Group will invest Rs 4,000 crore in three large textile projects in Gujarat. An integrated textile manufacturing zone will be developed in Kutch at a cost of Rs 2,000 crore, as a part of Indian government’s Sagarmala project. The group will also invest in its technical textile business and in the advanced textile arm of Welspun.

 

All the three memoranda of understandings (MoUs) are being signed during the ongoing Vibrant Gujarat Summit 2017 in Gandhinagar. Welspun Group chairman BK Goenka made the announcement at the summit.

“Our continuous investment in the state is a testament to our long term commitment to Gujarat. It is our aim to make Gujarat the textile hub of the world. Welspun continues to invest into development of well-researched products and technology of the future and the current investment is in line with this philosophy,” said Goenka.

The integrated textile manufacturing zone in Kutch, the larger of the three projects, will provide a unique ecosystem for entrepreneurs to set up manufacturing facilities. Under the project, the company aims to develop a large, modern and futuristic textile industrial complex that will manufacture and supply world class textile products for the global markets. This will generate direct employment of nearly 5,000 and will provide indirect employment to another 15,000 people.

Welspun will further invest Rs 1,000 crore in its technical textile business for capacity enhancement, addition of new products and training and skill development. Under this vertical, the company has already made its mark with products for specialised use in healthcare, fire departments and other utilities. The project will give direct employment to nearly 1,500 people.

Another Rs 1,000 crore will be invested in the advanced textile arm of Welspun that focuses on manufacturing specialised materials for applications in aerospace, defence and automobile sectors. The project will generate a direct employment of 2,000 persons and indirect employment of 5,000.

With the latest announcement, Welspun Group’s total investment in Gujarat will touch Rs 14,000 crore. (RKS)

Source: Fibre2Fashion News Desk – India

    
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