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GHCL stock ends 3% up after signing MoU with Tamil Nadu govt for an investment of Rs500cr

GHCL will also install another 40000 Ring Spindles with 24 Knitting Machines in Paravai, Madurai district to produce 100% cotton yarn and knitted fabrics.

November 29, 2021 3:45 IST | India Infoline News Service
GHCL
GHCL has signed an MoU (Memorandum of Understanding) with the Government of Tamil Nadu for investing Rs500cr in the state. Under the agreement, GHCL will set up 40000 ring spindles in Manaparai, Tiruchirappalli district to produce synthetic and synthetic blended yarn to cater to knitting and weaving segments.

GHCL will also install another 40000 Ring Spindles with 24 Knitting Machines in Paravai, Madurai district to produce 100% cotton yarn and knitted fabrics.

Also, GHCL plans to develop an EHT (extra high tension) power transmission facility in the Manaparai location to ensure uninterrupted Power supply.

R S Jalan, Managing Director, GHCL said “We are humbled and proud to be a part of Tamil Nadu’s growth story which is befitting our long term association with the state. This MoU will help us to create value for the community and is following our strategic growth plans and sustainability targets. Going forward, we will further enhance our energy portfolio to fulfil almost 90% of our energy requirements from renewable sources.”

To fulfil its commitment towards sustainable business practices and reduce its carbon footprint, GHCL Ltd has proposed to set up a 20 MW Solar Power park near Musiri, Tiruchirappalli district. At the moment 52% of the energy requirements of GHCL’s yarn business is fulfilled from renewable resources. Once the project is completed, almost 70% of GHCL’s Energy requirement for the spinning business will be from renewables.

On Sensex, GHCL stock ended at Rs385.90 per piece up 2.7%. 

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