GHCL Textiles Plans Rs 535 Crore Investment in Tamil Nadu

GHCL Textiles Ltd, a prominent yarn manufacturer, has formalized its commitment to invest Rs. 535 crore in Tamil Nadu through the signing of a memorandum of understanding (MoU) at the Global Investors Meet 2024. The signing ceremony took place in the presence of Chief Minister M K Stalin, senior ministers, and officials of the Government of Tamil Nadu. Representing GHCL Textiles were R. Balakrishnan, Chief Executive Officer, and N. Rajagopal, Senior General Manager (Technical).

The MoU outlines plans for capacity expansion and investments in renewable energy within Tamil Nadu. Upon implementation, GHCL Textiles' total investment in the state will surpass Rs. 1,035 crore, while its renewable energy portfolio is set to grow to 75 megawatts.

R S Jalan, Director of GHCL Textiles, expressed the company's commitment to contributing to the state and India's growth trajectory. He stated, "It is our honour 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. 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 the Green energy portfolio. Thus, amplifying our value-added product basket, accelerating growth, and positioning us among the top-tier industry leaders."

BS