Diversified Welspun Group today 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.
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 specialized 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 the capacity of its technical textile business with the addition of new products and training and skill development.
“Under this vertical, the company has already made its mark with products for specialized use in healthcare, fire departments and other utilities,” Welspun said, adding that it will give direct employment to nearly 1,500 people.
It also plans to generate a direct employment of 2,000 persons and indirect employment of 5,000 through the expansion of its advanced textile arm, under which it focuses on manufacturing specialized materials for applications in aerospace, defence, and automobile sectors.
