GHCL Textiles pledges Rs 535 crore investment in Tamil Nadu

GHCL Textiles Ltd, a manufacturer of yarns has committed investments worth Rs 535 crore towards capacity expansion plans in the state, the company said on Saturday.

The Tamil Nadu based company recently signed a memorandum of understanding with the government at the Global Investors Meet committing the additional the investments.

The Memorandum of Understanding entails capacity expansion as well as in renewable energy sector taking the total investments made by the company to Rs 1,035 crore, a company statement here said.

The renewable energy capacity would also increase to 75MW with the new investments plan.

"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," GHCL Textiles Director R S Jalan said.

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 enhancement of green energy portfolio," he added.