Global conglomerate company, Welspun Group will make an investment of Rs 4,000 crore in three textile projects, in the state of Gujarat.
The company signed three memorandums of understanding (MoUs) for the same, during the Vibrant Gujarat Summit 2017.
The company will make an investment of Rs 2,000 crore in developing an integrated Textile Manufacturing Zone, which will be a part of the Government of India's Sagarmala project.
The proposed textile manufacturing zone in Kutch will offer a unique ecosystem for entrepreneurs to develop manufacturing facilities. The proposed project will generate direct and indirect employment opportunities to nearly 5,000 and 15,000 people respectively.
The company plans to expand its capacity of technical textile business with an investment of Rs 1,000 crore. The fund will also be used for capacity enhancement, addition of new products, and training and skill development. The project will create direct employment opportunities for around 1,500 people.
The company will invest Rs 1,000 crore in its Advanced Textile arm that manufactures specialised materials for applications in defense, aerospace and automobile sectors. The project will create direct employment opportunities for 2,000 people and indirect employment for 5,000 people.
The company has already invested Rs 10,000 crore in the state so far.