Welspun Group to invest ₹3,000-5,000 cr. more in Telangana

Category: HOME TEXTILES

Country: India

Region: Asia

Opens ₹500-crore Advanced Textile facility taking its investments in Chandanvelly, near Hyderabad, past ₹2,000 crore; also proposes IT Shared Services Centre there

February 22, 2023 11:44 pm
Updated 11:44 pm IST - HYDERABAD
THE HINDU BUREAU

Welspun Group on Wednesday formally opened a ₹500-crore Advanced Textile facility in Chandanvelly, near Hyderabad, and with it, committed to invest an additional ₹3,000-5,000 crore in the same region over the next five years.

“Our group’s next phase of growth, in next three-five years, entailing ₹3,000-5,000 crore investment will come into Chandanvelly,” chairman Balkrishan Goenka announced at the inauguration of the facility by Industries and IT Minister K.T.Rama Rao.

The $2.3-billion diversified group has also decided to establish its IT Shared Service Centre in Chandanvelly with jobs for about 1,000 people. “We are planning a big centre in Chandanvelly... in the next five years, Chandanvelly will become Welspun Valley,” he remarked.

Welspun Group’s businesses span home textile, flooring solutions, pig iron, TMT bars, stainless steel, line pipes and infrastructure.

The 1 lakh sq.m. Advanced Textile facility, of Welspun Advanced Material India Ltd, will manufacture spun-lace which is used in categories such as hygiene application, family care and more products. Mr.Goenka said the new facility will create 2,000 direct and 10,000 indirect jobs and place the country on the global advanced textiles map. This is Welspun’s second investment in Chandanvelly after the ₹1,500-crore flooring facility that it set up two years ago.

Road ahead
Welcoming Welspun’s announcement on the IT/ITeS Center in Chandanvelly, Mr.Rama Rao said its decision will strengthen Telangana government’s goal of expanding IT to Tier-2 and Tier-3 cities. With the Welspun IT facility, the desire of the local people to have IT firms in their region will also be fulfilled and 1,000-1,200 local youth will get an opportunity to perform IT jobs.

To Mr.Goenka’s request for better road connectivity to Chandanvelly, especially given that the region in recent years has emerged as a hub for industrial development, the Minister assured work on road expansion will be initiated. “We will make it happen... this area is also set to shape into EV hub,” Mr.Rama Rao said.

Courtesy: https://www.thehindu.com/news/cities/Hyderabad/welspun-group-to-invest-3000-5000-cr-more-in-telangana/article66541579.ece