Welspun India to invest Rs 4000 crore in three textile projects in Gujarat, shares gain
Welspun India on Wednesday said that it will invest Rs 4000 crore on three projects in Gujarat. A memorandum of understanding (MoU) for these three project was signed by Welspun Group during the ongoing Vibrant Gujarat Summit 2017.
BK Goenka, Chairman of Welspun Group 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.”
Under the MoU, Welspun will invest Rs 2000 crores in developing as integrated Textile Manufacturing Zone, which will be part of government's Sagarmala project where Kutch is among first identified key location.
Further, the company will invest Rs 1000 crore in its technical textile business in a move to enhance its capacity. These products involve specialised features such as fire retardants, stain resistant, anti-bacterial, PET resistant, and soil resistance, among others. Most of these products are also recyclable.
Remaining Rs 1000 crore will be invested in the Advanced Textile arm of Welspun that focuses on manufacturing specialised materials for applications in aerospace, defense and automobile sectors.
Overall the project will generate direct employment of nearly 5,000 and will provide indirect employment to nearly 15,000 people in Gujarat.
Shares of Welspun India on BSE, were trading at Rs 69.40 per share, up by 1.46%.