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Tuesday, February 27, 2024

GHCL Textiles signs MoU for investing Rs 535 crore in Tamil Nadu

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GHCL Textiles Ltd, a manufacturer and supplier of yarns has signed an MoU (memorandum of understanding) with the Government of Tamil Nadu for an investment of Rs 535 crore ($64.6 million).

GHCL Textiles signs MoU for investing Rs 535 crore in Tamil Nadu

The MoU was signed in the presence of the Tamil Nadu chief minister MK Stalin and GHCL Textiles CEO R Balakrishnan.

Commenting on the investment, RS Jalan, director at GHCL Textiles in a statement said, “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 green energy portfolio. Thus, amplifying our value-added product basket, accelerating growth, and positioning us among the top-tier industry leaders,” he added.

GHCL Textiles is a leading textile player that tailor-makes products to suit specific applications and services premium buyers in domestic and international markets.

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