Indian textile firm GHCL Ltd to invest ₹500 cr in Tamil Nadu

The company will also install another 40,000 ring spindles with 24 knitting machines in Paravai, Madurai district to produce 100 per cent cotton yarn and knitted fabrics. The company also plans to develop an EHT (extra high tension) power transmission facility in Manaparai location to ensure uninterrupted power supply, the company said in a media release.

In order to fulfil its commitment towards sustainable business practices and reduce its carbon footprint, GHCL Ltd has proposed to set up a 20 MW Solar Power park near Musiri, Tiruchirappalli district. Currently, 52 per cent of the energy requirements of GHCL’s yarn business is fulfilled from renewable resources. Once the project is completed, almost 70 per cent of GHCL’s energy requirement for the spinning business will be from renewables.

R S Jalan, managing director, GHCL Ltd said “We are humbled and proud to be a part of Tamil Nadu’s growth story which is befitting our long-term association with the state. This MoU will help us to create value for the community and is in accordance with our strategic growth plans and sustainability targets. Going forward, we will further enhance our energy portfolio to fulfil almost 90 per cent of our energy requirements from renewable sources.”

The MoU was signed by M Sivabalasubramanian, CEO (yarn division) GHCL and Pooja Kulkarni IAS, MD & CEO, Guidance, Industries Department, Government of Tamil Nadu in the presence of M K Stalin, Chief Minister of Tamil Nadu during the Investment Conclave held on 23^rd November at Coimbatore.

Fibre2Fashion News Desk (KD)