test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Industry News | Time:Jan 12 2017 8:10AM
Welspun group to invest Rs 4,000 cr in textile projects
 
Text size
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: Internet
Related Articles
Tembec announces $136 million investment in Québec to improve
Lenzing Generates Substantial Revenue and Earnings Growth in 2016
BASF declares force majeure on PolyTHF in North America
Li & Fung signs new supply chain agreement with PVH Corp
Ulster acquires technical textiles machinery manufacturer Griffith
Samil Spinning acquires an American yarn manufacturer Buhler
Zhejiang Hangmin Stock: net profits up 12.07% y-o-y in 2016
Ulster Carpets acquires Griffith Textile Machines
Taipei textile manufacturer to start garment plant in Vietnam
Century Enka surges over 10% on heavy volumes
 
Research
Changes in China's MEG inventory structure in 2016
Analysis on improved polyester end-user market demand in ...
Analysis on the surging nylon market in the fourth quarter ...
What will HC re-PSF market head for on dropping profits
China PET bottle chip export feature and export destination ...
Companies investing in Xinjiang really perform well?
 
 

浙公网安备 33010902000742号