Coimbatore, 30 Nov (KNN) During the Investment Conclave held on 23rd November at Coimbatore, GHCL Limited, chemical and textile company, has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu for investing INR 500 crore in the state.

The textile company will set up 40,000 ring spindles in Manaparai, Tiruchirappalli district to produce synthetic and synthetic blended yarn to cater to knitting and weaving segments, as published in Fibre2Fashion.
It will also install another 40,000 ring spindles with 24 knitting machines in Paravai, Madurai district to produce 100 per cent cotton yarn and knitted fabrics. The company also plans to develop an EHT (extra high tension) power transmission facility in Manaparai location to ensure uninterrupted power supply, the company said in a media release.

R S Jalan, Managing Director of GHCL Ltd 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 in accordance with our strategic growth plans and sustainability targets. Going forward, we will further enhance our energy portfolio to fulfil almost 90 per cent of our energy requirements from renewable sources.”

The MoU was signed by M Sivabalasubramanian, CEO (yarn division) GHCL and Pooja Kulkarni IAS, MD & CEO, Guidance, Industries Department, Government of Tamil Nadu in the presence of M K Stalin, Chief Minister of Tamil Nadu.