Welspun Group to invest Rs 4000 crore in three large textile projects

capital market | Mumbai | January 11, 2017 15:47 IST

In Gujarat

Welspun Group announced an investment of Rs 4,000 crore for three large textile projects in Gujarat. The three MoUs which are being signed during the ongoing Vibrant Gujarat Summit 2017 were announced by BK Goenka - Chairman, Welspun Group at the Summit.

Amongst the larger of the three projects, Welspun will invest Rs 2,000 crores in developing an integrated Textile Manufacturing Zone. This will be a part of the Govt. of India's Sagarmala project where Kutch is among the first identified key locations.

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. These products include specialised features such as fire retardants, stain resistant, anti-bacterial, PET resistant, and soil resistance, among others. Most of these products are also recyclable.

Another Rs 1,000 crores is being invested in the Advanced Textile arm of Welspun that focuses on manufacturing specialised materials for applications in aerospace, defense and automobile sectors.

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

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