GHCL Textiles Inks Rs 535 Crore Investment Pact with Tamil Nadu Government

Chennai, Jan 12 (KNN) GHCL Textiles Limited has inked a Memorandum of Understanding (MoU) with the Government of Tamil Nadu during the recently concluded Global Investors Meet 2024.

The investment commitment stands at Rs 535 crore and was signed in the presence of Chief Minister MK Stalin, senior ministers, and officials of the state government.

The signed MoU encompasses investments for both capacity expansion and renewable energy initiatives in Tamil Nadu.

GHCL Textile's total investment in the state will exceed Rs 1035 crore, and its renewable energy portfolio will extend to 75 MW, as outlined in its official statement.

“It is our honor to be a part of the state and India’s growth journey. These investments are in line with our promise to consistently deliver value for our stakeholders through sustained expansion in earnings," stated RS Jalan, Director, GHCL Textiles.

He further added, "Over the next four years, the investments will be used for capacity and product basket expansions, vertical integration of textile manufacturing to include knitted and woven finished fabrics as well as the enhancement of Green energy portfolio."

"Thus amplifying our value-added product basket, accelerating growth and positioning us among the top-tier industry leaders,” Jalan highlighted.

GHCL Textiles holds a capacity of 2,25,000 ring spindles, 3,320 rotors, 480 vortices, and 5760 TFO spindles.

The company, with well-defined quality standards and rigorous process control, possesses the capability to customise products for specific applications and cater to premium buyers in both domestic and international markets.

(KNN Bureau)