Gloster signs MoU with Telangana govt for investment of Rs330cr; Stock dips 1%

The MoU is to set up an integrated jute mill in Warangal District of Telangana.

Sep 20, 2021 12:09 IST India Infoline News Service

Gloster Ltd has informed that the company has signed Memorandum of Understanding with the Government of Telangana to set up an integrated jute mill in Warangal District of Telangana at a proposed investment of approximately Rs330cr.

Under the arrangement, Government of Telangana shall inter alia ensure seamless execution and hassle free transparent system for quick approvals and clearances under the TS-iPASS framework, facilitate Jute cultivation in the state, provide necessary assistance for adequate infrastructure development and offer competitive incentives, said company in a regulatory filing.

At around 12:37 PM, Gloster was trading at Rs1186.6. per piece lower by 1.03% on Sensex.

The stocks touched an intraday high at Rs1234.95 per piece on Monday.

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