Wednesday, June 23, 2021
HomeBusinessWelspun to invest Rs 4,000 crore on textile projects in Gujarat

Welspun to invest Rs 4,000 crore on textile projects in Gujarat

Welspun

Diversified Welspun Group said it would invest Rs 4,000 crore on three large textile projects in Gujarat.

Welspun India said in a BSE filing that three MoUs are being signed with the state government at the ongoing Vibrant Gujarat Summit 2017.

The group, which has presence in home textiles, line pipes and infrastructure, will invest Rs 2,000 crore in setting up an integrated textile manufacturing zone.

It will invest Rs 1,000 crore on capacity enhancement of its technical textile business, while a similar amount has been earmarked for its advanced textile arm that makes specialised materials for aerospace, defence and automobiles.

Welspun Group Chairman B K Goenka said: “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.”

Welspun Group has already invested Rs 10,000 crore in Gujarat so far and fresh investments take the total to Rs 14,000 crore.

“These investments will further consolidate Welspun’s global leadership position and explore new avenues for its upcoming businesses in Technical as well as Advanced Textiles,” the company said.

Welspun is developing an integrated textile manufacturing zone, which will be a part of the government’s Sagarmala project wherein Kutch is among the first identified key locations.

“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,” the company said.

The Kutch facility, it added, will provide an ecosystem for entrepreneurs to set up manufacturing facilities and would generate direct employment of nearly 5,000 as well as indirect employment to nearly 15,000 people.

The group is also enhancing capacity of its technical textile business with the addition of new products and training and skill development.

Most Popular

- Advertisment -